- Posted March 11, 2010 by
This iReport is part of an assignment:
Economy Tracker: Your stories
"U.S. household debt fell 1.7% in 2009 – the first annual drop since the Fed's records began in 1945. A 22.7% rise in government debt, though, more than offset the decline. In all, U.S. private and public debt rose 3.4% in 2009, to $34.7 trillion."
This is according to an article in WSJ.com, based on data from the Federal Reserve.
It sums up for me the dichotomy present in our country; Americans are learning to live within their means, while our putative leadership wants to spend, spend, spend.
What is your debt situation? Have you reduced or increased the bottom line on household debt?
My discretionary debts are paid off. The mortgage is next and I plan on having that done in less than ten years. All it takes is a plan and then sticking to that plan.
Spend less than you earn. Why our Senators, Representatives, and President can't figure out this simple arithmetic is beyond me.