According to the Peter G. Peterson Foundation in an article dated July 29, 2024, titled “The National Debt is Now More than $35 Trillion. What Does That Mean?”, the U.S. government’s debt has surpassed a staggering $35 trillion. To put that in perspective, it’s equivalent to the combined economies of China, Germany, Japan, India, and the United Kingdom. On a more personal level, this amounts to approximately $266,000 per household or $104,000 per person in America. If every household chipped in $1,000 a month to pay down the national debt, it would take about 22 years to clear it.

But that’s not all. Debt is a common theme in American life. In a December 4, 2023, article by Debt.org titled “Demographics of Debt,” it was reported that American household debt reached a record $16.9 trillion by the end of 2022, up $2.75 trillion since 2019, according to the Federal Reserve. If you had to write that check, it would read a mind-boggling $16,960,000,000,000.

Breaking down this mountain of debt, Americans owe:

* $986 billion on credit cards, surpassing pre-pandemic highs.

*$11.92 trillion on mortgages.

*$1.55 trillion on vehicle loans.

*$1.60 trillion in student loans.

According to Business Insider’s July 31, 2024, article “Average American Debt in 2024: Household Debt Statistics,” the average American owes $104,215 across various loans, including mortgages, auto loans, credit card debt, student loans, and more.

What Does This Mean for You?

If you’re in debt, you’re far from alone. You might even feel that debt is an inevitable part of life, but it doesn’t have to be. We can help you eliminate all your debt, including your mortgage, in 10 years or less—without requiring any additional spending.

Don’t let debt control your life. Contact us today for a free, no-obligation consultation and take the first step towards financial freedom.