Over 50 percent of Americans are at least $75,000 in personal debt, according to a NBC. That amounts to $11.5 trillion across the nation, the Federal Reserve told NBC.
Even though there have been signs of an improving economy as of late, it may not be improving yet on a personal level, bankruptcy lawyer Amy Ames told NBC. "I don’t think it's improving on the consumer or small business level yet," Ames said.
Many of the people Ames works with have medical bills, credit card debt and IRS litigation, according to the article. A lot of people are trying to shed the debt by downsizing and borrowing less. "Limit your obligations to provide for your mortgage or housing to 20 to 25 percent of your household income," financial advisor Jay Oliver told NBC. "I think most families are struggling to find the right ratio of debt to income to be able to purchase the lifestyle they would like to have."
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