Thursday, November 19, 2020

What Americans Owe

American households owed a median of $64,800 in 2019, according to the Federal Reserve's Survey of Consumer Finances. This means half of households owe more than this amount and half owe less. Here are the details of debt in 2019...

% of households 
with debt
    median amount
Any debt76.6%$64,800
Credit card balance45.4%$2,700
Primary residence42.1%$134,800
Vehicle loans36.9%$13,100
Education loans21.5%$22,300
Other installment loans10.5%$3,800
Other loans secured by residential property

The most common type of debt is credit card, with 45 percent of households having a credit card balance after their last payment. The majority of households use credit cards only for convenience, the Federal Reserve reports, paying the balance in full each month. 

Sixty-five percent of households owned their primary residence in 2019. With 42 percent of households having debt secured by their primary residence, this means about one-third of households own their home free and clear.

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