Savings from broken piggy bank. American household debt rose $320 billion in 2022, marking one of the highest increases over the past two decades and reaching the highest level since the 2008 financial crisis.
Households owe a combined $17 trillion as a result of their mortgages, student loans, credit cards, and auto loans, according to an analysis from WalletHub. Current debt levels are approaching the $18 trillion held by households in 2008, the year in which the American housing market collapsed, and the world was plunged into a severe recession .
The typical American household had nearly $142,700 in debt at the end of 2022, much of which came from an average of $100,700 in mortgage debt. An average auto loan balance of $13,100 and an average student loan balance of $13,500 composed much of the remaining balance. A separate study published by WalletHub last month indicated that average credit card […]
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