Posted on 12/07/2022 9:07:48 PM PST by Cronos
Per recent research from The Ascent, total consumer debt in the United States equals $16.5 trillion dollars. This is a record high, according to the New York Fed's quarterly Household Debt and Credit Survey.
...The average American household has $96,371 worth of debt, per credit bureau Experian. According to the Bureau of Labor Statistics, the median weekly income for full-time workers as of the third quarter of 2022 was $1,070, or $55,640 for 52 weeks in a year. This is the median, which is not the same as an average figure, but it gives us a rough starting place to see that many American households owe more money than they make in a year. And the St. Louis Federal Reserve found that households paid 9.5% of their income to their debts in the first quarter of 2022.
All of these big total numbers are kind of scary to contemplate, but it's important to note a majority of that $16.5 trillion is in the form of mortgage debt, at $11.39 trillion, and auto loan debt represents $1.5 trillion. The more worrisome figure is the $890 billion Americans owe in credit card debt.
Credit-card debt also increased by the most in 20 years, with balances rising by 15% from a year earlier. The surge comes as the average interest-rates on card borrowing has climbed above 19%, the highest in data going back to the mid-1980s, according to Bankrate.
(Excerpt) Read more at nasdaq.com ...
Ping for tomorrow
Debt free household. Pay as we go. Feeling blessed.
Have a mortgage at a decent rate (2.9%), but still too much each month.
Same here except for a 0% interest car loan, which looks better and better as inflation soars.
Zero debt here.
.
The median is the 50% point. 50% of the population is above, 50% is below. it is more useful than average, because the average will be distorted upward by millionaires and billionaires..
Ditto. Ditto. Ditto.
I need to sell my house and find a nice country village to live in a red state....looking
South Dakota
No debt, everything paid off, thank God.
No debt. I own my house free and clear, I don’t carry credit card debt or any other debt.
Biden is only half done. Check back in a couple of years.
Debt free.
Debt free.
Ditto
Zero.
I’ve been debt free for the past ten years. My wife hated paying interest on anything!
Zero
We have a 2% 10 year mortgage and that is it. Amortizing for 10 years is much better than 30 years. Other than that, no running balances, no carry forwards. We pay as we go, except for the mortgage.
What a bullcrap article! Interesting stats interlaced with lies: “After the economic doldrums of 2020 and the early days of the COVID-19 pandemic, the economy has come back bigger and better than ever.”
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