New Jersey Debt: Are Money Problems Impacting Your Health?

Nobody ever wants to be in debt, right? When's the last time you woke up in the morning and said to yourself, "I'd really LOVE to take a out a car loan that will leave me with no extra money every month." Yeah... never.

It's the same thing with a house. Sure, there are people out there who think people actually care about the size of their house. Spoiler alert: nobody does. Most people don't want to be so strapped by a mortgage payment that they can't afford. Who wants to be house poor? Uh.. no one, that's who. I certainly don't, at least. I'd rather a much smaller or simpler home with payments that won't break me to the point of not being able to enjoy life. That kind of home is hard to find in New Jersey these days. Wish me luck....

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Unfortunately, underneath the weight of debt is where the majority of American's find themselves these days. With the cost of living increasing and wages not keeping up, it's hard to remain above water.

Debt Impacting Americans' Overall Health

Back in November, the New York Federal Reserve released data showing that household debt has reached a new all-time high. WalletHub's analysis of the data revealed that 58% of Americans are struggling with their debt, with credit card debt being the most significant concern. 51% of people report difficulty managing credit card balances, followed by mortgage debt and student loans.

The emotional and psychological toll of this debt is also apparent, with 3 in 5 Americans saying their financial burdens influenced their voting decisions in this year's presidential election. Many Americans are deeply concerned about the long-term effects of their debt, particularly its potential impact on future generations. The biggest fear among those struggling with debt is that it will negatively impact their children, either through financial instability or by passing the debt down.

This information alone is enough proof that New Jersey residents and all of America need to know and understand how to manage finances. Household debt MUST be kept under control. The best way to do that is teach yourself how money matters actually work. That way, you'll know how to get your own finances in check before worrying so much about how the bills are going to get paid leads you into an early grave.