Credit Card debt in the United States is an epidemic and can only be solved by the debtor. Credit Card debt is assumed to be the outcome of reckless spending on a lavish lifestyle. Contrary to this belief, debt is a result of the major spending categories growing faster than income. Another way to perceive this is debt in the United States has accumulated from the consumers’ inability to afford every day needs rather than the accumulation of reckless spending. According to Sean McQuay, NerdWallet’s credit and banking expert, yearly income has grown by 28% while the cost of living has grown by 30%. Therefore, consumers are using credit cards to cover this 2% difference to buy necessities they can no longer afford, for example, health care, food and housing. On an individual basis, the 2% difference does not make a huge difference, but apply that same difference to a whole nation and now the nation has a debt problem.
