Majority of Americans Now Believe That Debt Is a Necessity

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.