Financial statistics can help you track trends and see where you stand
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Using financial statistics to set the right goals for budgeting, saving, managing debt and building credit.

Every financial situation is different, but knowing current financial statistics can help you evaluate where you stand. Is your debt level high or low compared to national averages and statistics from where you live? Is your credit score higher or lower that most people?

Knowing current personal finance statistics essentially helps you understand if it’s just you or if it’s really the economy. A weak economy generally signals that it’s time to shore up your budget, start saving and focus on minimizing debt. This kind of information can help you get ahead of the curve to maintain financial stability.

The articles in this section all focus on the most current financial statistics. You can find more information about average national statistics for debt and credit at the bottom of the page.

Debt.com’s Top 5 National Average Financial Statistics

Total U.S. household debt hit $12.96 trillion in the third quarter of 2017. Americans now owe more than they did before the start of the Great Recession. That has experts like Debt.com’s founder Howard Dvorkin concerned that Americans could be getting overextended. Households are reaching a point where they’re spending too much money on debt payments each month. That means less money for saving and more reason to take on more debt.

The five statistics below can give you an idea of where average Americans stand with their debt and credit. If you’re facing challenges caused by debt, we can help. Visit our Solutions Center to find relief today.

#1: Mortgage debt

Not surprisingly, mortgage debt is the leading source of debt in the U.S.; it’s held the number one spot since our credit system started. Homes – especially single family homes – are expensive. They’re out of most people’s price range for a single cash-only purchase. It’s not impossible to pay for a home with cash, but it’s not practical for average American families.

Mortgages were at the center of the Great Recession. The mortgage crisis hit at the end of 2008 and by 2009 we were in a full recession. As property values fell, mortgages went upside down – that’s when a home is worth less than the mortgage balance. People couldn’t sell and net worth plummeted.

So, mortgages matter to financial stability. It should be the first debt you pay and the loan you work the hardest to keep out of default. If you haven’t looked into refinancing after 2008, it’s worth your time. A lower rate could offer significantly lower payments and thousands saved on interest charges.

  • Total U.S. mortgage debt: $9.19 trillion
  • Average loan amount for a new mortgage: $309,200
  • Typical interest rate for a fixed-rate mortgage: 4.1%
  • Average monthly mortgage payment: $1,494

#2: Student Loan Debt

In 2016, student loan debt officially took the number two spot in total American debt. It’s the second biggest source of debt for millions of Americans. And it’s causing major problems for school loan borrowers. Reports are rampant that student loan debt causes major life delays for Millennials and is still crippling many Gen Xers.

And unfortunately, with tuition costs continuing to increase and no solution in sight from Congress, student loan debt is only set to get worse. For the latest news, follow Debt.com’s Student Loans news beat. If you have student loan debt that you need to repay, we also recommend visiting our Student Loans Solutions Center.

  • Total U.S. student loan debt: $1.36 trillion
  • Average student loan debt: $37,172
  • Current interest rate on Federal Direct Loans: 4.45% (undergrad), 6% (grad)

#3: Revolving Debt

In 2017, total U.S. revolving debt surpassed $1 trillion. Most of this type of debt comes from credit cards. Americans have never had this much credit card debt, even prior to the Great Recession. And although household debt levels fell after the economic downturn in 2009, they’ve recovered… and then some.

Record high household debt has experts concerned that borrowers are once again getting overextended. As long as the economy is strong, people can continue to run up debt. But if the economy takes a turn, many households will be overextended. If you have high debt levels, start by eliminating your credit card debt first.

  • Total U.S. revolving debt: $1.01 trillion
  • Total U.S. credit card debtL $810 billion
  • Average debt per household: $16,061
  • Average interest rate: 16.15%

#4: Auto Loan Debt

Auto loans used to be the second largest source of debt in the U.S. However, they’ve been replaced by student loans and revolving debt is right on its heels. However, just because these loans aren’t the largest source of debt, it’s doesn’t mean they don’t have their challenges.

Following the mortgage crisis, the CFPB cracked down on risky mortgage financing practices. But those practices didn’t go away – they moved to the auto loan industry. Some lenders are willing to extend loans to borrowers that really can’t afford repayment. This is leading to higher defaults and talk of an auto loan bubble.

  • Total U.S. auto loan debt: $1.21 trillion
  • Average new car auto loan: $30,621
  • Average used car auto loan: $19,329

#5: Credit Score

Credit scores are essential. They tell lenders and creditors how much of a risk you are as a borrower; they reveal your creditworthiness. Every consumer actually has more than one score – you have several, because different agencies have different ways of scoring. FICO is the credit score that matters; they range from 300-850.

A good credit score is generally considered anything above 700. You generally need at least a 660 to qualify for a loans like mortgages at a good interest rate. If your score is below that, you can still get financing. However the interest rates will always be higher, so it costs you more to borrow. We recommend taking steps to build credit and achieve the highest score possible.

  • Average FICO credit score: 659