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Consumer Debt Rises for Young Adults

There’s one big problem for younger people trying to do this. in doesn’t come close to covering the basics. 2. student.

First, credit card debt rose due to the Bankruptcy Protection Act of 2005. The Act made it harder for people to file for bankruptcy. As a result, they turned to credit cards in a desperate attempt to pay their bills. Credit card debt reached its all-time peak of $1.028 trillion in July 2008. That was an average of $8,640 per household.

The stark reality is that in the last decade or so the rich have gotten richer as the rest of the country has sunk deeper and.

Student loan debt is another growing issue that continues to saddle more and more young borrowers, and health costs have skyrocketed, too. The Henry J. Kaiser Family Foundation’s 2018 employer health benefits survey noted that the average health premiums for family coverage have jumped 55% since 2008.

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Almost 87% of families are in debt with the average in December 2018 being $135,768. The majority of it is mortgage debt since this is the time when most people settle into a permanent home and start a family. The median housing debt is $93,700, and almost 50% carry credit card debt of $2,500. Age 45 to 54

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Share this infographic on your site! Source: Accounting-Degree.org Paying THEIR Dues How the U.S. National Debt Affects YOU For the first time in U.S. history, the national debt has risen past $17 trillion. That number is a bit hard to comprehend and means little to Americans when not applied to their everyday lives.

Almost 9 in 10 of the young people who lived with their parents a year ago are still living there." Financial Health of U.S. Consumer Will Determine Severity of the Next Recession [Pam Martens.

Total debt is on the rise for the U.S., according to the latest issue of the quarterly debt monitor.. don Schlagenhauf, chief economist for the St. Louis Fed’s Center for Household Financial Stability, and Lowell Ricketts, the center’s senior analyst, reported that total real consumer debt increased 2.1 percent on a year-over-year basis in the first quarter of 2016.

H&R Block’s 2014 "Teens, Money and Stress" report found that 78 percent of young people are worried about getting in over their heads with student loan debt. Eighty percent are concerned about being able to find a good job, and nearly 6 in 10 are fearful about ending up worse off financially than their parents.

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