In a new survey by GOBankingRates.com, nearly a third of Americans expressed concern that they will not be able to pay off debt in their lifetime. Forty-four percent of Americans said that low income is the top reason for their ongoing struggle with debt. Respondents also reported that high costs of living and the cost of tuition contributed to their debt burden.
Debt-fueled spending, of the non-mortgage kind, contributed to the boom economy in a very big way. In the last of the boom years, non-mortgage debt reached $200 billion annually. A recent Federal Reserve Bank of New York report shows that debt other than mortgage or home equity has dropped significantly since 2008 – by 8.7%. This steep drop points to a new consumer attitude about buying on credit.