Rising Debt Fuels Global Financial and Social Strain

Rising social and economic pressures are driving individuals worldwide to take on significant debt, sometimes resulting in extreme actions such as faking crimes to escape financial obligations. Research highlights that debt is a major contributor to stress and mental health challenges, necessitating greater scientific attention. In the U.S., households are struggling with average credit card balances of $6,000 and interest rates above 20%, with experts advising strategies for managing high-interest debt. Consumer spending is being curtailed across income brackets, as reported by Procter & Gamble, indicating widespread financial strain. The focus has shifted from specific default rates, such as South Africa's non-bank loan delinquencies, to the broader consequences of debt on personal well-being and societal behavior. These trends demonstrate the pervasive and multifaceted impacts of debt in various global contexts.