For the past quarter-century, I’ve created, bought, built, improved and sold businesses that help struggling Americans get out of debt. Only after the recession actually strikes will that same media tell the average Americans stories of life savings being demolished. The Average American DebtIf you add up the average American’s debts excluding mortgages, this is the total: $29,800, according to findings from Northwestern Mutual's 2019 Planning & Progress Study. This is a crucial statistic, because during the Great Recession, many struggling Americans not only stopped saving for retirement; they borrowed against their 401(k)s or closed them out. With Americans struggling to save for retirement because of their debts, what will happen when the job market constricts again?

Source: Forbes December 04, 2019 13:30 UTC