Average American Debt: Household Debt Statistics, Average household debt hits $101,915
Average American Debt: Household Debt Statistics, Average household debt hits $101,915
Here's what the average American owes on mortgages, credit card debt, student loans, and auto loans.
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Bullshit.
The ultra wealthy alone basically live in debt. They use debt for everything. That’s one reason they pay virtually no taxes. That would skew an “average”.
Also, mortgages and auto loans would make this way higher for average people.
OP gets the number for the post from here I suspect
https://www.fool.com/the-ascent/research/average-household-debt/
Debt doesn't reduce taxes. Not having income reduces taxes.
You can claim debt repayment on taxes and it reduces your income
General debt payments aren't deductible, certain interest payments are allowed, like mortgages, but there's a cap.
My old boss kept refinancing his house to keep all the debt tax free. Need a new Mercedes? Time to refinance.
That's not a thing. Unless he was somehow laundering money through like cash mortgage payments and then refinancing cash out to spend.
Debt never gets taxed, it's not income. Debt forgiveness can be taxed as income though.