US media: Debts are drowning Americans

As the threat of a trade war grows, many Americans — already stretched thin by mounting debt — could face even greater financial strain. An April 18 article in The Cut reveals that a staggering number of people are drowning in debts they can barely manage.

The report highlights that the US' credit card debt hit a record $1.21 trillion last year, while over 100 million Americans grapple with medical debt. Meanwhile, hopes for widespread student loan forgiveness are dimming, leaving many to abandon what once seemed like a lifeline.

The Cut surveyed 102 readers about their personal debt, probing how much they owe, what drove them into the red — from essentials like education and healthcare to lifestyle spending on weddings, bachelorette parties, and cosmetic procedures, and how they're coping. The findings reveal that a majority of respondents have been in debt for over five years. As one respondent put it bluntly, "I don't know anyone who isn't in debt unless they're a trust-fund kid or married rich."