In last few years, there has been huge debt on the back of American citizens. In past 40 years from 1970 – 2010, there has been 51% increase in the US population where as government debt has risen by 551%. Though government has put in lots of efforts to adjust the debt to inflation, but it steadily failed in controlling the increasing debt and by the year 2010, the average personal debt on each citizen stood at $7800.28.
The actual problem arises when the person’s debt is combined with the US government debt. In 9170, the collective government and individual debt was $13,771.68 and it raised to a whopping $51,724.56 by the year 2010.