Americans are DESTROYING Their Financial Future! (New 2023 Data)

February 14, 2023

New data shows that Americans are struggling when it comes to credit card debt and savings rates. In this Q&A, we discuss the new shocking data and give you tips on how to avoid this huge financial mistake.


The US economy has set an all-time high record in personal finance destruction, according to a shocking data trend that shows a significant increase in the country’s debt and consumption problem.

Credit card debt is a problem that Americans have been warned against for years. Although they were making headway before the pandemic, the crisis that ensued exposed the fragility of the country’s savings rate. Before the pandemic, the US had never hit $900 billion in credit card debt. But during the pandemic, as the government stimulus checks were rolled out, credit card debt dropped to $750 billion. Companies were getting stimulus from the government, and individuals were getting stimulus checks, which they used to pay off debts. This positive trend, however, didn’t last long.

The US’s savings rate, which is between 7-8%, spiked way up during the pandemic, thanks to the government stimulus checks. People were locked down in their houses and had nothing to do, so they saved money. However, the savings rate did start to come down when people were getting used to all the money coming in. But here’s the real kicker: the credit card debt is ballooning to $939 billion, and the savings rate has dropped to 3.4%, the lowest it’s ever been.

The power of compounding interest has always been a popular topic among investors. However, it works both ways: if it’s working for you, it can make you money, but if it’s working against you, it can destroy you. Unfortunately, the compounding interest is working against those who have fallen into credit card debt, which is now at an all-time high. With the average APR for a credit card standing at over 20%, credit card debt is a no-go. This is a lesson that many Americans have yet to learn.

In conclusion, the US has set an all-time high record in personal finance destruction. While some people are paying off their debts, others are accumulating more debts, which is not a sustainable way to live. People need to learn to manage their finances better, and the government needs to do more to help the country’s economy. It’s time for America to address its debt and consumption problem before it’s too late.

For more information, check out our Wealth Multiplier resource here.

FILED UNDER: Blogs, Featured, Podcasts



Most Recent Episodes

What I Learned From Being BROKE!!! (And Why I Wouldn’t Change It)

No one disputes the fact that being broke isn’t great. We want to spread the word that no matter where you came from, you can build wealth. In this episode, Brian and Bo share personal stories about their journey to wealth and lessons they learned along the way....

Top 10 Mind-Blowing Money Stats (2023 Edition)

These 10 money stats will blow your mind! We’ll discuss the unbelievable amount of money Americans save, when most reach millionaire status, and how many Americans carry a credit card balance. Research and resources from this episode: Most Americans don't have enough...

Wealth Multiplier Revealed: The Magic of Compound Interest!

There’s a reason why Albert Einstein called compounding interest the eighth wonder of the world! Do you know exactly how it works and how much your dollars could turn into by retirement? The Money Guy Wealth Multiplier can show anyone just how powerful every dollar...

From $0 to Millionaire in 10 Years (Is it Possible?)

How can you become a millionaire in 10 years or less? We’ll discuss common ways we see millionaires build wealth quickly, including through real estate, entrepreneurship, and the stock market. Discover how real wealth is built and why building wealth quickly may not...

Financial Advisors React to INFURIATING Money Advice on TikTok!

Brian and Bo are BACK to react to some more TERRIBLE financial TikTok advice! Join us as we take a look at some of the worst financial advice on the platform and tell you what to actually focus on in your own financial life. Enjoy the Show? Sign up for the Financial...

Investing Showdown: Dollar Cost Averaging vs. Lump Sum!

It’s a debate as old as time: what’s better, dollar cost averaging or lump sum investing? In this episode, we’ll cover the nuances and pros and cons of both, including in-depth case studies comparing investors at different times. Research and resources from this...

Is Inflation Really Ruining Your Finances? (You Won’t Like the Answer)

Inflation has changed our daily living expenses dramatically over the last few years. While we can’t control all of our expenses, there are many things in your control that can help you become a Financial Mutant and build wealth better than your peers. Enjoy the Show?...

Are $1,000 Car Payments Becoming the New Norm?!

New data shows more Americans than ever have car payments over $1,000. Is this becoming the new normal? How much could having a car payment of $1,000 be costing you for retirement? For more information, check out our Car Buying Checklist!