Average U.S. Consumer Debt
Credit Cards
- Average owed by U.S. households: $16,748
- Total owed by U.S. consumers: $779 billion
Mortgages
- Average owed by U.S. households: $176,222
- Total owed by U.S. consumers: $8.48 trillion
Auto Loans
- Average owed by U.S. households: $28,948
- Total owed by U.S. consumers: $1.16 trillion
Student Loans
- Average owed by U.S. households: $49,905
- Total owed by U.S. consumers: $1.31 trillion
Any Type of Debt
- Average owed by U.S. households: $134,643
- Total owed by U.S. consumers: $12.58 trillion
*Current debt figures as of Q4 2016
Causes
- Cost of living expenses have outpaced income growth in different sectors, including medical costs, education and grocery costs.
- The Great Recession led to massive layoffs, destroying home values and raising debt among Americans.
- U.S. Federal Reserve interest rate hikes have raised Americans’ debts.
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