The United States has been literally drowning in debt. The state of affairs in the US economy leaves much to be desired. Since 2000, consumer credit has doubled; the student loan debt has doubled too during the past decade. The federal government debt has doubled since 2007, Pravda.Ru reports. America holds the largest mountain of debt the world has ever seen, but it does not appear that the US is concerned about it. Quite on the contrary, the United States is not doing anything to make this mountain smaller.
Also read: Sky no longer the limit for Us national debt
Business debt in the U.S. has doubled since 2006. Back in 2006, just prior to the last major economic downturn, U.S. nonfinancial companies had a total of about 2.6 trillion dollars of debt. Now, that total has skyrocketed to 5.8 trillion.
Companies are sitting on a record $1.82 trillion in cash. That might sound impressive until you hear companies owe three times more - $5.8 trillion, according to a new report from Standard & Poor's Ratings Services.
Debt levels are soaring at U.S. non-financial companies so quickly - total debt outstanding rose $650 billion in 2014, which is six times faster than the $100 billion in added cash.
So are we in better condition to handle an economic crisis than we were the last time, or are we in worse shape?
According to new data that just came out, the total amount of student loan debt in the U.S. is up to a staggering 1.2 trillion dollars. That total has more than doubled over the past decade...
New data released by The Associated Press shows student loan debt is over $1.2 trillion, which is more than double the amount of a decade ago.
Students are facing an average of $35,000 in debt, that's the highest of any graduating class in U.S. history.
American consumers have had a love affair with debt that stretches back for decades.
Read full report on EntryNews.com