US Households’ Debt , Reaches $16.5 Trillion.
'The Hill' reports that NerdWallet surveyed over 2,000 Americans about debt and finances.
Their findings were released on Jan. 10.
According to the study, the average American household has over $165,000 in debt.
'The Hill' reports that is a 7.65% national increase from the previous year.
Over the past year, mortgages, auto loans
and overall debt have increased.
Credit card balances carried month to month have also increased, totaling approximately $460 billion.
Credit card debt is often thought to be the result of frivolous spending, but for many Americans, that’s just not true, Sara Rathner, a NerdWallet credit cards expert, via 'The Hill'.
Consumers are feeling the squeeze of higher prices and interest rates, and paychecks just aren’t keeping up. , Sara Rathner, a NerdWallet credit cards expert, via 'The Hill'.
That’s forcing many to make tough decisions, like going into debt to pay for necessities. , Sara Rathner, a NerdWallet credit cards expert, via 'The Hill'.
According to the NerdWallet study, last year's median household income only increased by 4% while the overall cost of living jumped 8%