With interest rates likely to edge up, it's worth noting many Americans are already swimming in debt. The top three household debts are mortgage, student loans and credit card debt which is over $16 per HH for those homes carrying that kind of debt.
I was fortunate to come of age before the crazy student loan blitz started. I went to public colleges to hold down the cost, but I graduated debt free. I am finally free of credit card and car payments, but remember times when they were stifling.
Just bills like insurance of all kinds, cable, phone and other things are enough to keep me well spent.
Some people are hopelessly buried. Hence the spate of abandoned homes. The survey firm NerdWallet estimates it would take forty years to get out from under these debts, which means for most it won't happen.
"The cost of debt service is staggering," says the NerdWallet report.