Summary
- • Total consumer debt in the United States reached $13.29 trillion in 2019.
- • The average American household carries $5,315 in credit card debt.
- • Over 44 million Americans have student loan debt, totaling $1.5 trillion.
- • The debt collection industry employs over 140,000 people in the United States.
- • Credit card delinquency rates were at 2.47% in the second quarter of 2020.
- • Auto loan debt in the U.S. reached $1.32 trillion in 2019.
- • The average mortgage debt in the U.S. is $202,284 per borrower.
- • Personal loans in the U.S. totaled $305 billion in Q2 2020.
- • 21% of Americans have unpaid medical bills on their credit report.
- • The debt consolidation industry is projected to grow by 8.6% annually through 2024.
- • Credit card debt has increased by 54% over the past decade.
- • 28% of Americans have more credit card debt than emergency savings.
- • The average debt-to-income ratio in the U.S. is 1.07.
- • Non-housing debt per capita in the U.S. stands at $42,115.
- • 30% of adults in the U.S. have debt in collections.
Debt is like a shadow that follows us all, except this one doesnt disappear when the lights come on. With a whopping $13.29 trillion in consumer debt looming over the United States, its clear that debt has become a not-so-silent partner in our financial lives. From credit card woes to student loan struggles, the debt industry is a bustling arena where over 140,000 people engage in the delicate dance of collection and consolidation. In a world where 28% of Americans have more credit card debt than emergency savings, and the average debt-to-income ratio is 1.07, its no wonder that the debt relief industry is raking in billions annually. Brace yourselves as we delve into the deep abyss of debt statistics that might just make you rethink hitting that buy now button.
Average American household debt
- The average American household carries $5,315 in credit card debt.
- The average mortgage debt in the U.S. is $202,284 per borrower.
- The average debt-to-income ratio in the U.S. is 1.07.
- Non-housing debt per capita in the U.S. stands at $42,115.
- The average interest rate on new credit card accounts is 16.27%.
- Americans aged 18-29 have an average of $8,808 in non-mortgage debt.
- The average personal loan debt per capita in the U.S. is $11,351.
- The average auto loan term length in the U.S. is 69.36 months.
- The average total debt per capita in the U.S. is $53,80.
- The majority of credit card holders carry an average balance of $6,194.
- The average personal loan interest rate in the U.S. is 9.34%.
- The average mortgage rate in the U.S. is 3.30%.
- The average debt per credit card account is $6,194.
- The average credit card interest rate is 16.88%.
- 25% of Americans have no emergency savings and carry over $10,000 in debt.
- The average American household has $8,398 in credit card debt.
- The average interest rate for new auto loans is 5.61%.
- The average total debt for Americans aged 18-24 is $22,991.
- Over 40% of Americans have non-mortgage debt, with an average balance of $6,000.
- The average balance on a store credit card is $1,841.
- Debt-related stress affects 86% of Americans.
- The average interest rate on personal loans in the U.S. is 9.94%.
- The average personal loan term length in the U.S. is 46 months.
- The average personal loan balance in the U.S. is $16,259.
- The average personal loan interest rate in the U.S. is 9.41%.
- The average debt per capita in the U.S. is $51,340.
- The average auto loan interest rate in the U.S. is 5.27%.
- The average mortgage debt per borrower in the U.S. is $202,805.
- Over 80% of Americans have some form of debt.
Interpretation
In a society where swiping plastic has become as natural as breathing, the numbers speak volumes about our financial landscapes. With the average American household juggling a cocktail of credit card debt, mortgage obligations, and various loans, it seems we've built a house of cards that could easily come crashing down. From the eye-watering interest rates to the staggering debt-to-income ratios, it's clear that many are caught in a debt-driven hamster wheel, spinning faster and faster while trying to keep their heads above water. While some might dismiss these figures as mere statistics, the weight of financial stress looms large over 86% of Americans, reminding us that behind every number is a story of struggle, sacrifice, and perhaps a dash of misplaced optimism.
Credit card delinquency rates
- Credit card delinquency rates were at 2.47% in the second quarter of 2020.
- 28% of Americans have more credit card debt than emergency savings.
- 47% of Americans have credit card debt.
- 1 in 5 Americans have missed a payment on their credit cards in the past year.
- Credit card debt accounted for 6.4% of total household debt in Q3 2020.
- Over 25% of Americans have more credit card debt than emergency savings.
Interpretation
In a world where plastic reigns supreme, the numbers paint a bleak yet all-too-relatable portrait of the modern American consumer. It seems that for many, the allure of swiping now and worrying later has become a dangerous dance with debt. With credit card delinquency rates balancing precariously at 2.47%, and a staggering 28% of Americans teetering on the edge with more credit card debt than emergency savings, it's clear that the plastic fantastic lifestyle comes with a hefty price tag. Perhaps it's time to reconsider our spending habits before we find ourselves drowning in a sea of digits and missed payments, as over a quarter of Americans already have.
Debt collection industry employment
- The debt collection industry employs over 140,000 people in the United States.
- 21% of Americans have unpaid medical bills on their credit report.
- 30% of adults in the U.S. have debt in collections.
- Over 35% of Americans have debt in collections on their credit report.
- There are over 8,000 debt collection agencies in the United States.
- Debt collection agencies recover over $40 billion annually.
- Over 70 million Americans have at least one debt in collections on their credit report.
- 1 in 4 Americans have medical debt in collections.
Interpretation
The numbers paint a stark picture of the debt industry in America - a sprawling web of over 8,000 collection agencies raking in a staggering $40 billion every year, while over 70 million Americans find themselves tangled in unpaid debts. With 21% facing medical bills haunting their credit reports and 30% grappling with collections, it's evident that debt has become an all-too-common burden for many. As the saying goes, "in debt we trust" seems to be the motto of the day, with 1 in 4 Americans battling medical debt collectors. In this modern economic drama, the stage is set for a high-stakes tale of financial woes and the relentless pursuit of dollars.
Debt counseling industry revenue: Debt collection industry employment
- The debt counseling industry generates $2 billion in annual revenue.
Interpretation
The debt counseling industry pulling in a cool $2 billion a year? Looks like they've found themselves a gold mine in helping people dig out of their financial holes. Perhaps in a world where credit card bills and student loans seem to pile up faster than dirty laundry, these financial whisperers are the modern-day superheroes we never knew we needed. With their capes made of calculators and their superpower of turning debt into manageable budgets, it's clear that this industry is soaring high on the wings of fiscal responsibility. Keep calm and call your debt counselor – they might just be your ticket to financial freedom.
Debt management industry growth statistics
- The debt management industry is projected to grow by 6.6% annually through 2023.
Interpretation
It seems like the debt management industry is on a steady upward trajectory, proving that in a world where money talks, there will always be a need for someone to manage the whispers of financial obligations. With a projected growth of 6.6% annually through 2023, it's clear that managing debt is not just a passing trend, but rather a persistent reality that individuals and businesses alike must navigate with finesse. Time to buckle up and break out the calculators, because it looks like debt management is here to stay - and it's growing faster than compound interest.
Debt relief industry revenue
- The debt relief industry generates over $3 billion in annual revenue.
Interpretation
The debt relief industry is like a financial superhero, swooping in to rescue people drowning in debt while also flexing its muscles with over $3 billion in annual revenue. Like a savvy financial sidekick, it highlights the challenging dance between personal financial struggles and big business profitability. So, while it may not wear a cape, the debt relief industry is certainly a force to be reckoned with in the battle against financial woes.
Debt settlement industry stats
- The debt settlement industry has an annual growth rate of 4.3%.
Interpretation
In a world where debts seem to multiply faster than rabbits on a spring day, the debt settlement industry emerges as the unsung hero attempting to rein in the chaos. With an annual growth rate of 4.3%, it seems these modern-day financial knights are not only surviving but thriving in the battlefield of creditors and debtors. Perhaps they wield a potent mix of charm and logic, persuading even the most reluctant of lenders to see reason. Or maybe, they are skilled in the art of negotiation, turning what could be a financial Armageddon into a manageable skirmish. Whichever the case, this modest growth rate speaks volumes about society's ever-increasing reliance on these cunning warriors of the fiscal realm.
Student loan debt statistics
- Over 44 million Americans have student loan debt, totaling $1.5 trillion.
- Education-related debt has surpassed $1.6 trillion in the U.S.
- Over 5 million student loan borrowers are in default.
- 1 in 11 Americans have more than $100,000 in student loan debt.
- Over 42 million Americans have federal student loan debt.
- The average student loan debt for a bachelor's degree recipient is $29,900.
- Total student loan debt in the U.S. exceeds $1.6 trillion.
- Over 40% of student loan borrowers are not making payments.
- Student loan debt has increased by 102% in the past decade.
Interpretation
In a society where avocado toast is blamed for financial woes, it seems the real culprit may be staring us in the face in the form of staggering debt statistics. From the jaw-dropping $1.5 trillion in student loan debt to the fact that over 5 million borrowers are in default, it's clear that the education finance system is in need of a major rethinking. With 1 in 11 Americans carrying over $100,000 in student loan burden, the Class of Loans may just be the most exclusive club in town. As we grapple with the implications of over 40% of borrowers hitting the snooze button on payments and an eye-popping 102% increase in debt over the past decade, it's time to sit down, sharpen our pencils, and figure out a solution that doesn't leave a generation drowning in red ink.
Total consumer debt in the United States
- Total consumer debt in the United States reached $13.29 trillion in 2019.
- Auto loan debt in the U.S. reached $1.32 trillion in 2019.
- Personal loans in the U.S. totaled $305 billion in Q2 2020.
- The debt consolidation industry is projected to grow by 8.6% annually through 2024.
- Credit card debt has increased by 54% over the past decade.
- Personal bankruptcies in the U.S. totaled 772,646 in 2019.
- In Q2 2020, total household debt in the U.S. was $14.27 trillion.
- Student loan debt is the second highest consumer debt category in the U.S. after mortgage debt.
- The debt settlement industry is expected to grow by 8.7% annually through 2024.
- 25% of Americans have medical debt.
- Credit card companies charged $121 billion in interest in 2019.
- Americans owe over $10 billion in payday loans annually.
- Total credit card debt in the U.S. is over $800 billion.
- Personal loan debt has increased by 61% since 2015, totaling $305 billion in Q2 2020.
- Credit card debt is the most prevalent form of debt, with nearly 40% of U.S. households carrying it.
- The average debt-to-credit ratio in the U.S. is 30%.
- Debt consolidation loans account for $15 billion in outstanding balances in the U.S.
- The number of personal bankruptcies in the U.S. reached 774,940 in 2019.
- Personal loans account for 6.4% of total household debt in the U.S.
- Over 30 million Americans have outstanding auto loans.
- In Q3 2020, total mortgage debt in the U.S. reached $10.94 trillion.
- The debt consolidation industry is projected to grow by 6.2% annually through 2025.
- The debt relief industry generates over $4 billion in annual revenue.
- Personal bankruptcies in the U.S. have decreased by 32% since 2010.
Interpretation
The staggering numbers in the debt industry paint a vivid picture of the financial landscape in the United States. From the jaw-dropping $13.29 trillion total consumer debt to the eye-popping $121 billion in credit card interest charged in 2019, it’s clear that debt is not just a monetary concept but a societal norm. With personal bankruptcies reaching alarming heights and over 25% of Americans burdened by medical debt, it seems like the American dream might be turning into a debt-driven nightmare. As the debt consolidation and settlement industries continue to grow, one can't help but wonder if being in the red is the new black for many households. Perhaps it’s time for Americans to rethink their spending habits before drowning in a sea of debt.
