According to the federal reserve bank of America, the country has found a new kind of issue and record in 2017 that is USD $13 trillion worth amount of the household debt where this includes the auto loan, credit card bills, student loans, mortgage loans and other forms of the loans. For some kind of the loans are being found to in debt which is a curse and struggle thing and others find the solution to meet the repay the amount. According to the study of the federal reserve bank of New York eight out of 10 Americans are found to be in some kind of the loan forms debt list. Around 69 percent of the debt study respondents have stated more hints that the debt can be accumulated with the result of expanding their attaining the certain opportunities and net worth. In New York every individual has their own history of story that how they have entangled themselves with the issue of debt, where each and every will be facing their own issues and problems in repaying the loan amount.
Reasons why American are liable to debt
There are number of reasons where the New York Americans facing difficulties in repaying their loan amount in which these loan forms are found to be at different levels. Most of the Americans will be facing the debt problem in repaying the loan amount and following are the some of the reasons why American people are liable to debt. They are.
- Poor money control
- Medical expenses
- Bad investment
- No insurance
- Growing family
Among the above things the medical expense is found to be the most important reasons for the liable to debt where this issue is faced by 95% of American people. These loan amounts are issued at the regular intervals where in the year 2017 the federal bank of New York has found the record that most of the American people has problem and are liable to debt. Hence for finding the exact reasons and more hints for the liable to debt they did some kinds of survey then they identified that the person who are liable to debt are found getting the house loan, student educational loan, mortgage loans and other kinds of the medical expenses loan and the people found to be having the outstanding hire amount in repaying the loan.