Debt is a way of life in America. Research by the Pew National Trust shows that 80% of Americans are living with some kind of debt. Between student loans, mortgages, and credit card debt, the majority of consumers in the US are feeling the burden.
Total student loan debt has reached close to $1.5 Trillion — making it a huge weight on the shoulders of a young population. According to Forbes, this debt has risen across every age category across the nation. Over 44 million people are saddled with student loan debt, with amounts getting higher and higher. For example, the mean average debt for the class of 2016 was $37,172.
Recently, total credit card debt reached $1 trillion. The average American holds debts of around $6300. Add to that the fact that more than 41% of all households carry around credit card debt and over 40% have had a balance for over two years. It’s clearly reached epidemic proportions.
In addition, mortgages are now more expensive than ever, with the average home price at around $200k. Because of this, the problem of homelessness around the nation is growing for the first time in many years.
It’s very unlikely that a group of billionaires would come together to decide to change the course of history, and millions of lives, by helping out those of us who suffer from debt. But if they did, what might that might look like? Self Lender has put together several intriguing metrics that take into account what might happen if the world’s collective ~2200 billionaires all got together to solve a problem.
Most of them could solve a massive issue in America, like homelessness, just by tightening their belts a little bit.