To put this in context, some 35-40% of American households or about 110 million Americans earn $30k per year or less. Collectively those 110 million Americans owe 700 billion dollars worth of debt. That amounts to an average personal debt level of $6,400 for every single low income man, woman and child. With rising prices for food / energy / rent (property taxes) etc. taking an ever bigger bite of the poor American's $30k gross = $400-$450 per week take home income, it's virtually assured that at least half of that 700 billion dollars worth of debt will never be paid.
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