Debt accounts for less of Americans' income now than at any time in the last 38 years, at less than 10 percent. At the height of the housing bubble, Americans were spending about 13 percent of their income on debt service.
Looking at spending by class, the richest 10 percent of households, those making over $163,000 annually, have a median debt of $300,000, up from $272,000 in 2007. The middle class, those making between $75,000 and $115,000 annually, have a median debt of $102,000, down from $128,900 in 2007. The poorest class, those who make less than about $23,000 a year, are least likely to have debt, MarketWatch reports.
Even though the U.S. is a materialistic, capitalistic, even hedonistic society, our puritanical roots show through. We pride ourselves on our freedom, but we can’t help lecturing our fellow Americans about their behavior. The 250 million Americans struggling to pay the bills are constantly being scolded by academics, journalists and prudes about their poor financial habits.
