😫American households owe $16.15 trillion in debt, a 41.79% increase in the past decade.
💸Debt causes financial anxiety and impacts rent, mortgage, and loan repayments.
😰60% of adults cite debt as their main reason for financial anxiety.
💳Debt is rising daily and becoming debilitating for many individuals.
📈Inflation is expected to further increase debt in America.
What are the main categories of household debt?
—The main categories of household debt include housing, student loans, and auto loans.
How does rising debt impact the US economy?
—Rising household debt negatively impacts the economy but boosts consumer spending.
What is the role of policy in managing household debt?
—Policy plays a vital role in keeping household debt in check and reducing its negative impacts.
What percentage of Americans cite debt as a reason for financial anxiety?
—60% of American adults cite debt as their main reason for financial anxiety.
What is the expected impact of inflation on debt in America?
—Inflation is expected to further increase debt in America.
00:00$16.15 trillion. That is the amount of debt owed by American households by the second quarter of 2022, a staggering 41.79% increase in the past decade.
00:20American households are struggling to meet rent, mortgage, and loan repayments, with 60% of adults citing debt as their main reason for financial anxiety.
01:18Debt is rising daily and becoming debilitating for many individuals. Inflation is expected to further increase debt in America.
03:35The main categories of household debt include housing, student loans, and auto loans.
07:44Rising household debt negatively impacts the economy but boosts consumer spending.
11:09Policy plays a vital role in keeping household debt in check and reducing its negative impacts.
02:0560% of American adults cite debt as their main reason for financial anxiety.
00:55Inflation is expected to increase debt in America.
