Study: Americans Are Spending 9% of Their Income on Debt

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According to recent research from The Ascent, households across America spent around 8.69% of their income on paying debt in the second quarter of 2020. That's down from 9.69% during the same time period last year, but it's still quite a bit of money. In fact, when you consider that most experts recommend you spend 30% or less of your income for housing and save 20%, stacking almost 10% more in debt on top of that means you'd be left with just 40% of household funds for everything else.

Source Fool.com