Debt is such a huge problem in America. We’re up to our eyeballs in debt of all types: Mortgage loans. Credit cards. Student loans. Automobile loans. You name it – we’ve got it. The average size mortgage in the U.S. is about $200,000 – and this number is smaller than it was due to the housing crisis. The typical U.S. family carrying a balance on their credit cards owes about $10,000 on those cards. The average college graduate leaves school owing more than $20,000 in student loans. And the average car loan now exceeds $27,000.
Is it any wonder that, according to the Federal Reserve Bank, Americans collectively owe $2.5 trillion in consumer debt – excluding their mortgages? Throw in another $14 trillion in home loans, and it’s clear we have a major issue with debt that won’t go away any time soon.
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