According to SB Wire, “U.S. citizens have taken up to $11.38 trillion consumer debt [in 2012].” These consumer debts result from outstanding expenditures that exceed consumers’ income. There are two main types of consumer debt that stimulate economic growth: revolving debt (ie. credit cards), and non-revolving debt (ie. auto loans or mortgages).
Americans owe a combined total of $1.944 trillion in school, auto and furniture loans, alone. In terms of overall, American consumer debt profiles, the average household debt is $54,000, and the average credit card debt is $15,162. Furthermore, mortgage debts exceed $147,967 and the average student loan debt is $33,445. The US Census Bureau states that between 2010-2011, the median amount of household debt increased from $50,971 to $70,000.
In total, American consumers owe $7.88 trillion in mortgages, $914 billion in student loans and $846.2 billion in credit card debt. As of May 2013, 14.7% of American families have debt that exceeds 40% of their income and U.S. undergraduate students carry an average credit card debt of $3,173. Additionally, 1 in every 5 U.S. families has at least a single member indebted to banks.
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