With Indian’s lapping up credit, a question that comes to my mind is Will India end up like USA with huge personal debt?
The average U.S. citizen has $29,800 worth of debt, as revealed in a new study from Northwestern Mutual. Personal debt levels for many are rising and increasing numbers of people are experiencing anxiety or guilt over the belief that they will never pay off all their debts. These studies can be useful in letting you know that you are not alone if you have cash flow problems, and there are plenty of ways to start to balance your books. There are many good reasons to take out a loan and debt is nothing to be ashamed of. However, reaching levels close to $30,000 can cause mental and physical health problems, so if you are like the average citizen, consider ways to reduce your debts.
Debt
Northwestern Mutual 2019 Planning and Progress Study
There is much to be learnt from the latest edition of the Planning and Progress Study by Northwestern mutual. Although the average level of personal debt has fallen from $38,000 in 2018 to $29,800 in 2019, people are still spending a third of their income on repaying debts.
Meanwhile, 35% of people carry guilt about their debts, revealing the psychological problems it can cause. 20% of people even report feeling physically ill as a direct result of financial problems and 45% experience anxiety. This report shows this is more than a monetary issue, but a public and mental health crisis as well.
Suggested Reading
If you are worried that your debt levels are getting out of control, then the best way to help yourself is through education. Start with these resources to gather information on dealing with the stress of debt and finding workable solutions:
The Growing Problem of Student Debt
Best Debt Settlement Companies (Our Top 4 Debt Relief Picks for 2019)
Debt Settlement Advice
If you are feeling the psychological or physical effects of debt concerns, then see a debt advisor immediately. They will help you to formulate a plan that will allow you to repay what you owe. As you begin to pay off debts, your anxiety levels will fall and you will find it easier to build a healthy bank balance. Debt is extremely common in the USA, but there are people out there to help. If you feel stressed, anxious, or guilty, then you are not alone. Don’t let these thoughts consume you, however, but instead use them as motivation to move towards a debt-free life.
