A new survey has found that the average American has over $54,000 worth of debt – debt that many would do anything to get rid of.
This is according to the survey conducted by market research company OnePoll on behalf of debt resolution firm Beyond Finance. The survey found that the average poll taker had about $54,767 worth of debt, with more than half – 56 percent – saying they owe more due to the need to pay for necessities, rather than due to unnecessary purchases. (Related: Inflation remains a problem for middle- and lower-income Americans as Biden’s Federal Reserve keeps raising interest rates.)
This massive debt is preventing these Americans from making significant life changes. Thirty-three percent said it is preventing them from buying or putting down a mortgage for a home. Thirty percent said it is preventing them from buying a car. Twenty-four percent said it is preventing them from setting up a proper savings plan for the future of their children.
“Debt can sometimes deter people’s short- and long-term goals for themselves and their families,” said a spokesperson for Beyond Finance in a statement. “Learning to manage it effectively can be life-changing, but 49 percent admit to feeling anxious about their debt, which may make it challenging to focus on finding solutions.”
The biggest debt hurdles people have include credit card debt (57 percent), mortgages (30 percent), auto loans (30 percent) and medical debt (28 percent).
Many of the respondents said some of this debt was worth it to accrue. These include mortgages for 38 percent of respondents, car loans for 33 percent and home improvements or repairs for 28 percent.
The average American would do almost anything to be debt-free
When asked what Americans would be willing to do to be completely debt free, 32 percent said they would be willing to give up social media for a year. Thirty-one percent said they would be willing to spend a night on a remote island. Twenty-nine percent even said they would be willing to give up all internet access for a month just to be debt-free.
When asked what they would do if they woke up debt-free, 32 percent said they would immediately put more money into their emergency funds. Twenty-seven percent said they would buy their dream home. Twenty-six percent said they would take that long-postponed vacation.
Many others gave a variety of answers, including people who said they would pursue a different career, start a business, put more of their money into the education funds of their children and help their parents with their debts.
While becoming debt-free would be a welcome reprieve, many of the survey respondents with debt believe they could only stay debt-free for eight-and-a-half weeks, or about two months, before circumstances would force them to accrue new debt.
This is of course not true for all survey respondents, with 38 percent saying they felt “very confident” in their ability to remain out of debt. However, most were not so sure.
The most uncertain respondents gave a variety of answers as to why they feel they might have to take on more debt, including the rising cost of living (54 percent), unexpected expenses like emergencies (46 percent), rising Federal Reserve interest rates (29 percent), not having enough support from friends or family (20 percent) and feeling the pressure to keep up with the spending habits of others (16 percent).
Many of the respondents are also seeking support to manage their debt. A little under a third of respondents – 31 percent – are getting support from their families.
However, only 29 percent said they were “very confident” in their ability to pay off their current debts on time, with 41 percent saying it could take them years of hard work to be fully debt-free. Furthermore, more men (41 percent) than women (19 percent) said they were confident in their ability to pay off their debts on time.
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“Choose a debt resolution program that’s personalized to your needs and helps you keep track of your progress,” advised Beyond Finance’s spokesperson in the company’s statement. “Seeing your debt gradually diminish is a great way to stay motivated on the path to becoming debt-free.”
Learn more about the debt issues plaguing the United States at DebtCollapse.com.
Watch this episode of InfoWars as Royce White discusses why America’s debt needs to be handled as a matter of national security.
This video is from the InfoWars channel on Brighteon.com.
More related stories:
- US home foreclosures SURGE as inflation continues to soar and incomes decline.
- Corporate America reports biggest slump in profits in years, a sign that recession may just be months away.
- Number of Americans defaulting on subprime auto loans nearing levels not seen since Great Recession.
- Survey: 75% of people in Joe Biden’s America believe the country’s economy is GETTING WORSE.
- The American economy cannot afford another four years of a Biden presidency.
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Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
That’s just personal debt. They forgot all about the $93,000 every man woman and child has in debt that the Federal Government alone has racked up.
Getting people today to live within their means is impossible, getting people to stop eating the processed massive carb poisons is futile. Getting almost anyone to do anything where speed and sweat is involved is nearly impossible.
So 80% of the adults have become full time complainers that do noting but move TEN LOUSY FEET from ‘chair A’ to ‘chair B’ and complain about how terrible their body pain is.
Credit and entitlements shouldn’t be given at all to anyone one pound or more overweight.
TELL THEM ALL TO WORK IT OFF!!
Funny this DE-GENERATION (generation Degeneration) don’t know what sex they are, is it because when they look down all they can see is massive fat flabs and can’t see their privates? LOL