Household Debt—How Much Money Does Everybody Owe? Q2 2019 Edition

The Basis Point ^ | 08/20/2019 | Spencer White

[Gay State Conservative]

My Dad was a child of the Depression.Like many of his generation he,as an adult,lived below his means. As he reached middle age (and beyond) he drove Oldsmobiles and wore Timex watches despite being able to afford much better.

I learned (or inherited) the same basic attitude and,as a result,I haven't had a mortgage since I was in my late 30s and haven't had a balance on a credit card since my 20s.

[lurk]

Thankful that our household debt has been zero for the last 3 years.

[Responsibility2nd]

Lots of numbers here. No real information.

So how much is the average debt per family?

[Perseverando]

U.S. Debt Clock

[Openurmind]

This doesn’t seem to take into account what is also owed to the National Debt.

[Openurmind]

There you go...

[SamAdams76]

Ditto, the article tells me nothing useful (and I did click through to the article).

Average debt per family is a more useful metric.

I love comparing my situation to the "average", whether it be debt, retirement savings, or income.

Always well up in the 90th percentile of each group. That's how I know I'm doing pretty well.

I'm really concerned with what will happen when all the Baby Boomers retire. Most of them have under $200K in retirement savings and Social Security alone is not going to cut it for most of these folks.

I see a big tax grab for those who did manage their finances properly. The Fable of the Ant and the Grasshopper comes to mind.

[hanamizu]

haven’t had a balance on a credit card since my 20s.

---

There was talk a couple of years ago that credit card companies wanted to go after ‘deadbeats’ like you and me. After all, we get the use of ‘free’ money for a month. And of course it is not fair to those who have to pay interest on their unpaid debt.

[edhawk]

They won’t be retiring, they will work until the day they die.

[Red Badger]

No mortgage for us! Paid off a 30 Year Mortgage in 16 Years!
Thank you and God bless President Trump!....................

[Gay State Conservative]

Yes,I remember that. I have too many credit cards today as it is. If a bank wants to shut me down or charge me an annual fee I could easily live without that card.

[Pilated]

We owe no one anything. Except annual property taxes and any monthly utility I may use. We have every thing we need for life. We have no need for credit.

[Red Badger]

So do we, we pay the balance in FULL every month!..............They hate me..............

[SamAdams76]

The credit card companies have a word for people who pay their entire balance each month...

Deadbeats.

I'm not kidding

[doggieboy]

128 million households in the US. I agree the information was pretty much useless.

[Red Badger]

So what do they call someone who doesn’t?.....................

[who knows what evil?]

The plan is ‘die broke’...so far, so good.

[sauropod]

Study.

[ozarkgirl]

Same here, and I like the security of it. I would gladly have a lower standard of living and know I don’t owe anyone anything. It amazes me people are in debt at my age and have huge house payments. Hit the big 60 and work with people older than I am with huge mortgages. Ack, will they ever be able to retire?