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 owed | |
|---|---|---|
| Any debt | 76.6% | $64,800 |
| Credit card balance | 45.4% | $2,700 |
| Primary residence | 42.1% | $134,800 |
| Vehicle loans | 36.9% | $13,100 |
| Education loans | 21.5% | $22,300 |
| Other installment loans | 10.5% | $3,800 |
| Other loans secured by residential property | 4.7% | $122,000 |
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.
Source: Federal Reserve Board, Changes in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances
No comments:
Post a Comment