As of September 2021, the total consumer debt of Americans was an estimated fifteen trillion dollars.
The average American has an overall personal debt burden of almost $100,000.
Included in that figure is an average student loan debt of around $40,000; an average credit card debt of $5,000 to $9,000; personal loans in the amount of nearly $17,000; and auto loans in the estimated sum of $20,000.
This significant amount of debt is something that many Americans are dealing with, and it’s something that everyone continues to struggle with, even now.
The situations brought about by COVID-19 have not made this any easier. To speculate, the average debt burden for individuals increased by around 5% during the height of the pandemic.
These factors, in addition to income stressors that have come up in connection with quarantines and shifts in the labor market, have caused the conversations about personal debt in the United States today to take on a new form.
What Are The Main Causes And Types Of Debt Right Now That You’re Seeing?
There is a major trend in the causes and types of debt that are on the rise right now. Quite a few American families have gone from a two-person income to a single-person income. This is often the result of changes in lifestyle due to COVID-19 and the fact that many families have needed one spouse to stay home to be a caregiver for either their children or elderly parents.
While this tends to be one of the most interesting and common trends at the moment, other situations are rising in prevalence as well. These tend to include people who are struggling with pre-existing credit card and medical debt. Unfortunately, there has also been a noticeable uptick in American families who have had an unexpected loss of a family member and have incurred debt from lofty funeral expenses.
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