Debt in America
As Americans, we are all probably well aware of the debt problem ahead of us. Both as a country and as individuals, this is a rising concern to the entire nation. The debt crisis in America is something that you can hear about on the news and read about online every day but the debt of the American public is quite possibly just as important to be aware of. Chances are if you live in the Unites States you hold a large mortgage debt, some credit card debt, a car loan and maybe even some student loan debt. Over the economic downturn many families across the country are making less than in past years but yet Americans are still spending more than their income. The payoff for all of these debts continues to grow faster than it is being paid off while the payoff time period for the federal deficit is unknown.
According to the infographic below, the federal debt can be broken down into each household owing $134,947. Credit card debt comes out to an average of $4,042 per cardholder and 68% of Americans owing in this category. The mortgage debt which is held by 57% of the nation adds up to $55,975 per homeowner. Finally, student loans owed by 12% of the USA totals up to $24,378 per borrower. The infographic below has some great illustrations to demonstrate how much money all of that adds up to and what could be purchased with those dollars. Check out some other fun facts below surrounding the economy of the United States.
- Alaska’s credit card debt is $7,937 per person, the highest in the nation
- New Hampshire holds the highest average student loan debt at $31,048 per student
- Utah has the lowest average student load debt at $15,509 per student
- 2011 college graduates held an average of $23,000 per person when they graduated
- The average monthly mortgage payment in America is $1,015