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.
Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.
Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.
All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.