Majority of Americans Now Believe That Debt Is a Necessity

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Top Tier Gear USA

burning dollar dollar photo club

America’s debt problem has been widely documented over past few years, and not just the public kind. The average American is swimming in trillions of dollars in medical fees, car payments, mortgage liabilities, as well as credit card statements and college tuitions. However, none of that is shocking anymore. You already know all about that because statistically speaking, many of you reading this are probably struggling to climb out of your own personnel debt hole.

But what hasn’t been widely documented, is how the average American feels about their personnel liabilities. A recent pew research poll found that not only are 8 out of 10 Americans in some form of debt (mostly mortgage) but that “7 in 10 Americans said debt is a necessity in their lives.” There’s two very disconcerting facts that can be gleaned from that statement.

For one, it means that we have a debt culture. Our debts didn’t just show up one day, they have been accruing for decades. At some point in time our culture stopped valuing frugality, and started valuing the present more than the future. Saying that debt is a necessity basically implies that you can’t imagine sacrificing today for a better tomorrow. On the flip side of that coin is the second fact. This poll reveals that for many Americans, debt really is a necessity. Their lives have been shattered by the economy, and they can’t lead anything resembling an ordinary life, without getting buried in debt. For many Americans debt is now an unfortunate, but very normal part of life.

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Contributed by Joshua Krause of The Daily Sheeple.

Joshua Krause is a reporter, writer and researcher at The Daily Sheeple. He was born and raised in the Bay Area and is a freelance writer and author. You can follow Joshua’s reports at Facebook or on his personal Twitter. Joshua’s website is Strange Danger .

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  • Thunderstorm

    Stupid is…as stupid does !

  • James

    As debt goes. I lived by a rule. The only thing I ever borrowed long term money for was property and to build my home on it. I drove 1 car I owned for 17 years and repaired all that I could fix myself. I retired at 62 very secure. True I used credit cards. I could always pay what I owed of at the end of the year and start the new year fresh as well. True repairing my own when done often paid time wise less than min. wage. I always had a large garden and fruit trees. Added labor value to myself at low wage most of the time. I worked with those who needed debt. A new car every other year, lawn mower on credit, as they had to have then. And could not live with less than the neighbors. Did not fix if needed what they had. Many today are working till 70. But they enjoyed lording over those who had less for show when they were young. Interest will keep you broke but the banker in love with you. True I did not have much medical. Such is the tricks of life. I can see debt for that. On top of your home. But do with out fix what you can, invest young and keep adding to it as you can. Or pay it to the banker and set down and watch T.V. to keep you ocupied.

    • PacE


    • At least you can testify to the efficacy of the television with respect to what they use it for.

  • MrAnthill

    Many people live way beyond their means.

  • Razedbywolvs

    It’s not the borrowing money thing that is the problem. It’s the Usury
    that’s attached to it. Invented by the Chinese and profected
    by the… mean people, at one time every major religion had rules about charging interest on loans to keep the Crown or whom ever was in power from using it as a tool to usurp control over the people.
    The reaction of any country suffering from Usury aka Pre WW2 Germany to the United States is to try and solve this problem with socialism. Socialism being the “grate equalizer” spreads the problem to the middle and lower class like the bubonic plague. The lower class is annihilated and the middle class is impoverished. The upper class remains fine because they wrights the laws and just fly away in there privet jets, wile watching us burn on the news. Some of them like George Soros enjoy throwing gas on the fire and pay people to burn down there own neighborhoods. And then writing them bad cheques (He is a sadistic fuck and did it for the LOLZ)
    …Teach your kids Debt is a dirty word, Don’t work for mean people, Use Bitcoin.

    • Nexusfast123

      Has bugger all to do with socialism. The US is the least socialist country in the world. It is a silly comment. Has more to do with the off shoring, out sourcing, etc, of well paid jobs by US corporates to low cost economies like China underpinned by the policies of globalisation and supported by Wall Street.

      To cover the decline in the quality of jobs and fall in real wages Americans were given access to credit (from the banks) to off set the decline. If an economy produces little of value debt is only a band aid in terms of supporting a consumerist economy.

      • Razedbywolvs

        The US is the least socialist country in the world. Oh Good. so all the citizens are not going to be required to pay back the -118 trillion dollars in debt that we payed against our will for government services that were not provided.
        That sounds like a lot like socialism to me.
        “Americans were given access to credit (from the banks)” So Banking is a privilege and not a right…. were the hell are you going with this?

    • Guillotine_ready

      Our system uses wage slaves who are paid low enough to make them want to borrow for all the wonderful stuff they see on tv and then they have to work longer and harder to pay off debt which is hard with the low wages. But our whole retail industry is built on selling things people really do not need at all

      • Razedbywolvs

        That sounds about right. I would say that they have turned wants into needs threw emotional manipulation. We don’t need the Internet or cellphones. But few people could survive without them. What started out as luxury items items have basically turned into survival tools. But you can’t change people you can only change there environment. People will always want want and others will provide for what they want in exchange for for filling there own wants.
        The problem I have is wen people only assign blame to one group. Blaming the Corps and ignoring the Gov or vice versa. They bolth benefit from making you a slave.
        I think the solution is to giving the means of production to the people (A very “communist” statement). But I think “the people” is individuals and not community’s or government’s. If we all used a meshnet, the FCC wouldn’t be able to regulate the Internet and Comcast wouldn’t be ripping us off. Win/Win

  • Reverend Draco

    I was taught. . .

    “If you can’t pay cash, you can’t afford it.”

    Granted, I’ll never pretend-own a home. . . never have a new car (glad for that, wouldn’t want a hackable deathtrap). . . but I’ll never be tens-to-hundreds of thousands in debt, either.

  • Moderate

    It’s necessary for the warmongering Zionist.

    • Ken, Megapolis

      Some people have a Supremacist view towards those of different race. I say this philosophy is a bankrupt one. Why? God created and loves ALL men equally, even those who show little sign of loving Him back.
      I hereby declare Bankruptcy cannot disappear until we start releasing ourselves from bankrupt ideas.

      • Awesome, Ken!

        • Ken, Megapolis

          Cheers Matey??


    Strawman – The Nature of the Cage is a cutting edge documentary like no other. It highlights the truth around debt, the Legal Fiction, Lawful and Legal, Debt Collectors, Bailiffs, and modern day Policing. The film gives a detailed overview as to how you can address these issues in your personal life, offering knowledge on how to Lawfully deal with any kind of authority, if you haven’t broken any Laws.

  • stephen joseph

    Good little American sheeple….buy stuff to fill that hole in your soul. It comes from cowardly avoiding the truth thatm your government has set your nation

  • Guillotine_ready

    Debt ts not a necessity. Breaking free of an economic system that enslaves you and extracts all the good years of your life is a necessity. Starve the beast and let their shiny baubles and over priced GMO fake food rot on the shelves.
    Get out of the fiat money system.

  • Ken, Megapolis

    I never NEVER borrow money. I can afford anything I like except a house or car. Mum sadly passed away through cancer but me + Sister live with Dad. Sis spent the bulk of her adult life in Iran and has fixed ideas on many things and is driving me insane so I want to leave as I respect the teachings of Islam yet have nothing in common with Muslima’s.
    Rents in London £900 pcm cheapest. Rest of UK no cheaper, last went to Scotland, Fort William, and all sorts of new and unexpected expenses hit me all at once even though the winter was mild and warmer than expected.
    Still treated myself to a new ifone 5C. However, the touch screen is playing up because I used a cheap made in China charger with too high a voltage, grr.
    You can’t win.
    So help me God.

    • go with Samsung Flight II, 3G, a real ‘winner’ …. mine is 3 yrs old, the speaker for music is kaput, but i don’t give a crap at ten bucks a month including internet,,,,, a touch better than dial up

    • Why would a made in China charger be a problem for a iPhone made likewise? The point of manufacture is less the problem than the quality thereof. Why would you buy a cheap charger for an expensive phone? Smart phones are used largely for pretty stupid things, IMO.:-)

  • ccambridge

    The American debt culture is a reflection of our government and the ‘leaders’ that squander our dollars that are backed by nothing

    • which reflects the will of the slaves who voted them in

    • That which is intrinsically worthless can become literally so very easily.

  • Does it really matter if you think debt is a necessity once you are so deeply mired in it that you will never get out of it?
    I don’t have any idea what my FICO is, nor do I care.

  • A lot of good things people have posted. Thought I would touch on this aspect of it. Was in my first marriage for 12 years and the wife at the time and myself were on a good role. Both had over 40k in our 401k, a house that was almost to the half way mark of being paid off, decent cars that were almost paid off and taken care of very well so we would get good trade in on them to make getting new ones cheaper. Very little in credit card debt. The ex-wife felt that the grass was greener on the other side and we ended up separating, then divorcing. Her attorney mislead her that she could end up with most of our stuff and she wouldn’t have to start over. In a fight to keep everything she cost us about 50k in attorney bills between the both of us, house went into forecloser, so-on and so-on. Went from having great credit to crappy credit.

    Those who believe in debt are uninformed and obviously bad planners. Shortly after my divorce I got laid off and was out of a job for two years. I no longer believe in debt and have learned to live more with out and have changed my outlook of saving up for what I want or need. Now, I want to buy some land with saved cash; build my own house using the earth bag technique which is a more efficient, cheaper, and sturdy house then the crap that is made now-a-days. I am teaching myself house to homestead in order to make as many things as possible and eliminate bills; even my power bill. I am several years out still from making this a reality.

    The best lesson I have learned is this – make sure the person you are with is in it with you! That you both understand that there will be good times and bad! That the grass is not greener on the other side and divorce IS EXPENSE and WILL RUIN your financial situation as well as push your future plans back many years!

    • Given what you’ve been through, where did you make your mistake in thinking that your wife was in it with you when she apparently wasn’t?
      In my case, my wife’s family owned a book store, in which there were several do it yourself books for DIY no fault divorce. When we separated, the plan was for her to go back and get one of those books, fill out the forms, and send them to me for my signature and notary. I’d return them to her and she would file them (she being in the county and state where the marriage was initiated). Her mother, who never really cared for me, changed her mind, and we wound up in divorce court. This was before I knew any of the law, and a decision was entered against me in default, which I ignored.

  • stop borrowing, pay off debts, live in a travel trailer if you must,,,it’s my preference

    • The travel trailer introduces more hardware and issues than are necessary with a van, my metal tent on wheels.

      • ok, i stopped responding you you about a year ago, but since the 4th blood moon is close, and we may not have this chance again in a few weeks:

        I must agree a van ( prefer a 90’s Ford Minivan) is easier to utilize than a TT, but, a TT which is at least mostly self contained, small , not over 13′, ain’t a bad place to live either, preferably down by the creek , on White Spar Road, Prescott , Arizona. Next to the Pine Cone Inn.

        If you happen to pick up some large, very large firecrackers in Rocky Point, and get them back to Camp, it’s literally a blast to use cigarettes as fuses, 3 am, in ‘high class ‘ Haisley Homestead next door — delivered via large motorcycles , on a quiet night….. and the echoes are priceless,,,, after about 4 you can count on the local constabulary to zoom by as you try to repress laughter sitting in your folding chair in the moonlight

        just an imaginary novel of course,,,,

        • I prefered places down by the (Colorado) river that don’t have a police department, or even anything more hoity toity than a tiny, poorly stocked general store and several rather motley mobile home parks that double as RV parks for the most part. Although it isn’t really in Ehrenberg, the Flying J was a fine place to sit and watch completely out of their jurisdiction squads of Border Patrol officers come and go as they fuelled vehicles and themselves, on their way to oppress non-hispanic citizens as they went about their business, or pleasure. Although there was no wifi like the rather flaky Wandering Wifi service available at the Flying J, there were several places on the banks of the river where even the BLM wouldn’t bother you, unless they actually stumbled over you.
          All I have left of that place is pleasant memories since I decided to move up the road a bit, to the Shoshone River and the Buffalo Bill Reservoir, a place where the local constabulary still serve and protect the people, even if that isn’t on the very few vehicles they have, and the only downside to the spectacular fireworks displays are the grass fires they ignite.

  • Anothereno

    Debt is unnecessary when one has self control. It’s also cheaper to save up and buy something since you don’t have to pay any interest plus a lot of places will throw in the taxes if you pay cash since they don’t have to pay debit fee.

    • Ken, Megapolis

      Good outlook mate?? In any serious SHTF or bad recession we are told “Cash is King”. My personal pet storehouse of value is cigarettes but other preppers specialise in watches, whisky, antiques, you name it.
      Gun control is ultra strict in UK but I am reliably informed that the bulk of the rich landowners posess firearms for self defense. A council estate in Manchester by contrast will be full of honest, salt of the earth people who would return your credit card if they saw it fall out of your pocket. People in Chelsea or Mayfair would never do this.
      The ‘Sloanes’ also I’m sure collect guns which I agree is probably a good prep.

      • Anothereno

        Food is king! Can’t eat money :S

  • breakawaymotorsports .

    My Dad always told me if you can’t afford it,don’t buy it. Simple concept that somehow has been replaced by ” If they let you borrow,buy it”. Bankruptcy use to be frowned upon and today it is a badge of honor.

    • SBIAM

      You must be from my generation. That is the creed my family lived by. So as kids we did without a lot of gagets that todays kids have, with a 5 min attention span. My daughter did not get her own phone or TV. 1 TV in the house. But I must admit I have TV in every room in the house now (idiot box).
      SOME DEBT IS GOOD, but not the debt Obama has put this country in on purpose. They need to add a foot note to all ballots. “Voting for democrats will be hazardous to your wealth”.

      • breakawaymotorsports .

        Turned 57 yesterday, so I guess a late “boomer”. If we wanted something as kids,we had to earn the money or do without. That philosophy has vanished,especially with the government. They have OUR credit card and intend to use it until WE take it away. Long overdue in my opinion. WE must STOP feeding the monster or be devoured by it..

        • SBIAM

          75 here & counting. Lol
          American people are currently slaves to the Matrix & don’t even realize it or don’t care. Can’t figure out which?

          • breakawaymotorsports .

            I think most Americans are too busy being entertained to care and don’t want to be told there is a problem.Just what the govt wants to see. How sad it will take a punch to the face to wake most of them up..

      • Reverend Draco

        They need to add a foot note to all ballots. “Voting will be hazardous to your health and wealth”.


        If you think Republicrats and Demoblicans are different in any significant way. . . you’re out to lunch.

        • SBIAM

          you are right. no difference today.
          some are more slime than others. the countries that practice socialism (Demark, Swenden etc.) are taken care of from cradle to grave, but the government gets 70% or more from them in taxes. Look it up. But they are born into the system so don’t know any better. Americans are not accepting of that. But the young people are, being swayed that way. I think Lenin said “give me the youth for 8 mo & they will be receptive. Something to that affect. I have the quote somewhere in my files.

  • We’ll have to get over the severe impending deflation first.

  • Chir

    Debt is the new slavery.

  • There is good debt and bad debt. Either you learn to control your money or your money will control you!