It is not just the US government that suffers from high debt. Citizens also throw dirt on the debt mountain. This can get costly as interest rates go up.
Why is this important?In the United States, household debt is rising, while savings is falling. Citizens should be creative in planning their financial resources.
in the newsCredit card debt and percentage saved are inversely proportional. The US government itself ran into it last week debt ceilingBut the whole nation has a debt problem.
- During the COVID lockdowns, the savings rate for American citizens has gone from 10 percent to nearly 35 percent. Americans had nowhere to spend their money, and uncertainty about the future meant saving a lot. here
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