Living in the Red: Average American Has Over $54,000 Worth of Debt

A survey reveals what Americans would do to become debt-free: give up social media, spend a night on a remote island, or even go without internet access. However, the average person believes they can only stay debt-free for less than three months before accumulating new debt. Confidence in remaining debt-free is low, with rising living costs, unexpected expenses, and rising interest rates cited as reasons. Credit card debt, mortgages, automobile loans, and medical debt are the biggest hurdles. The average person has $54,767 of debt, with necessities outweighing “nice-to-haves.”