Save or pay off debt? This is a predicament in America

Save or pay off debt?  This is a predicament in America

The US government alone is struggling with high debt. Citizens are also throwing dirt on the mountain of debt. It becomes more expensive with rising interest rates.

Why is this important?

Household debt is rising in the U.S. while savings are falling. Citizens should be creative in planning their finances.

In the message: The percentage of outstanding debt and savings on credit cards are inversely proportional. Last week, the US government got involved Loan ceilingBut the entire nation has a debt problem.

  • During the Covid lockdowns, the savings rate of US citizens has risen from 10 percent to nearly 35 percent. Americans had nowhere to spend their money, and uncertainty about the future saved a lot. Here

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