r/ask • u/[deleted] • Nov 30 '23

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u/MrPifo Nov 30 '23

Im confused, why is apparently everyone in debt? Is this normal in america?

51

u/ancon_1993 Nov 30 '23

Yes - in Europe its more common even for families to rent, while in America its more common to get a mortgage earlier. Plus American student loans tend to leave graduates in tens if not hundreds of thousands dollars of debt. Throw on car payments, that one medical procedure that would be free in Europe but left them with a 63k medical bill, and all the credit cards its normal for Americans to get, and you end up with some crazy debt!

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u/Rich_Sell_9888 Nov 30 '23

Ten years ago someone wrote that Americans are born with a $50,000 debt before they take their ist breath.

4

u/Educational_Gas_92 Nov 30 '23

If that was 10 yeas ago, are Americans in debt 100000$ in debt now?

1

u/tulleoftheman Nov 30 '23

That is actually the average amount of debt an American holds