Over the past four years, debt has become a hot topic in mainstream America. The U.S. government has borrowed over $2.5 trillion since the implosion of the Subprime Mortgage Crisis. This massive accumulation of debt by the federal government is not an isolated incident; unfortunately, the United States has a culture of indebtedness. Young people in America are expected, and even taught, that debt is a way of life.

Typical American youth are encouraged to go to college and/or get credit cards and incur huge debts. According to a report from the Institute for College Access & Success’s Project on Student Debt, the average college loan for students who graduated in 2011 was a staggering $25,000. During college young people are bombarded with credit card offers all over campus as credit card companies set up booths to lure in young consumers. The result is that the average undergraduate student carries $3,173 in credit card debt, according to Sallie Mae-a college financing company.

Upon graduation, students are then encouraged to buy a car on a loan, and just a few years later to take out a mortgage for a house. By the time the average American reaches the age of 30, it is typical to be carrying college loans, credit card debt, car loans, and a mortgage.

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