80% of Americans have consumer debt
Americans have $14 Trillion in debt collectively
Mortgage debt is the biggest debt in America – with $9.44 trillion owed collectively
The average American household mortgage is $189,586
The average consumer debt is $38,000 excluding mortgages
People aged 45-54 have the greatest average debt when compared to other age groups, but they also earn the most money on average.
13% of Americans expect to be in debt for the rest of their lives
Medical costs have increased 33% in the past 30 years, while income has only grown 30%
The cost of raising a child in America is around $250,000 from birth to age 18.
2 out of 10 Americans use at least 50% of their income to pay back what they owe.
Only 1 in 3 Americans have a written budget
Almost half of the families in the US live paycheck to paycheck
19% of Americans have $0 set aside for an emergency
2021 & 2022 data will be interesting.
For all the folks who consider themselve middle class, there is a 80% chance that you are not part of that club.