The national debt of America as of the end of June is a little over $13 trillion. Efforts have been given to reduce the debt, including citizens who kindly donated cash and check to the US Treasury. As of 2009, the American citizen has donated $3 million to help the government back-up on the debt. For the first half of the year, approximately $1.6 has been received as donations. These people have contributed their money for the sake of patriotism.
The government has been receiving cash and checks by mail for the past years. Some schools even made baked goodies to sell and handed their earnings to the US Treasury. But now, American citizens can also show their generosity by using their credit cards to help pay-off the American debt. Interested credit card holders can visit an online service, that helps them how to make their donations through the cards. Cards accepted are Visa, MasterCard, American Express and Discover.
According to the latest estimations, the total debt per taxpayer is about $119,000 and debt per citizen is $42,500. The numbers were based from USDebtClock.org, an interactive website that estimates figures relevant to the US National Debt. As seen in the clock website, the total personal consumer debt is around $16 trillion and the personal debt per citizen is over $52,000.
Other than paying taxes, citizens have to pay their own personal debts which include their credit card bills, mortgage loans and consumer debts. TransUnion reported that the credit card debt per customer has decreased nationally and that the customers are now resolving their own debts. Due to the past recession, many Americans have lost their job and have lessened their expenses just to balance their finances. Many have found ways to get money. Part-time jobs, lottery and even cash prize contests were some strategies. This came to a bad news to some big credit card companies. Fewer debtors and good credit behavior means lower principal payments and even lower interest rates. Many are now sprouting out rewards to attract customers to be a part of their credit family.
The credit card method of paying the donations remains untested. Many economists cannot see why the situation has come to this when citizens should have used their donation money to fend off for themselves. Unemployment is still a growing problem in the country and the income per family is not that high. And since many are unemployed, obviously, there would be efforts to cut off the expenses and reduce borrowing. With that situation, many citizens may not give up their earnings for patriotism`s sake. Experts believe that if citizens help increase the employment rate and spend their money on priority goods, they may even help stimulate the economy, which is the nation`s current goal now.