All the disturbing reasons behind the ‘meteoric rise’ in Americans’ debt
A blog post from financial site Wolf Street caught our eye the other day. It explores how deep in consumer debt — talking about credit cards, student loans, auto loans and personal loans — Americans really are. Boy, are the numbers striking.
And delinquency rates — at least for student loans — are nothing to sniff at either, having increased by about 50% since 2006,” says Eplett. We’re also simply more focused on our stuff and how it reflects upon us: “As a society we are experiencing an increase in conditional self-worth, basing our self-worth on external conditions, such as the car we drive or the name of our alma mater,” says Lombardo. “This propels greater spending in a effort to feel better about ourselves.”
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