What Can You Buy With Your Debt?
This week: Want your own personal army? Or do you want to buy everyone gasoline?
Find today’s top financial statistics to see how you stack up
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 currentessentially 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.
This week: Want your own personal army? Or do you want to buy everyone gasoline?
Our recipe breaks down the pop star’s long list of friends to see whose net worths compare
No state in the union has an A in financial literacy
Do you ever spend your hard-earned time and effort answering questions from stores you frequent? It turns out those may be useless.
Dudes top the list of most overpaid, least respected celebrities.
For years, “experts” argued against teaching fin lit in high school. Now the public has spoken.
Here’s what I’ve learned so far this month, and it’s made me both laugh and cry.
It’s not a romantic topic, but it’s perhaps the most important one.
As we lurch into 2016, personal debt might be a bigger problem than it was in 2015.
Which presidential candidate has the best policy ideas for your bottom line? Here’s who Americans think will benefit their personal economy in 2016.
Here’s an in-depth, interactive look at the personal debt loads of every state — plus how it tends to vote in state and national elections. How does your state compare?
The crushing debt has a single silver lining. Hopefully, it’ll be worth all the dark clouds.
Something as simple as a lost tooth might give clues about the nation’s economic outlook.
Sure, you just watch it for the commercials. But the Super Bowl has some pretty fascinating money stats, too.
Flying during the holidays? Stay away from these awful passengers.
This year alone saw more than 100 new ones, many self-made. (Some just married into the Wal-Mart family.)
A new survey shows people are happier about their local library than in 2008, and most Americans still use their library cards.
Your celebration of the red, white, and blue will cost more green.
A look at recent polling data reveals we’re fat, lazy, and self-centered. But at least we’re amusing about it.
Do you work on the weekends? Nearly 1 in 5 employees do. And that pleases some people.
Women will spend more than $20,000 on shoes during a lifetime of incredible pain.
Do African Americans, Hispanics, and Asian Americans really prefer different vehicles?
Here are 5 depressing facts I learned within the past 72 hours.
We’re saving more, spending wiser, and trying to retire responsibly – even if that last one isn’t working out so well.
Good news and bad news about big banks get better, retirement, and jobs for college grads.
What should you get Mom this Sunday? Here’s what everyone else is doing.
What do lawyers have in common with a holiday about wildfires? They’re both funny enough for this post.
You might figure a city that bankrupted itself would be full of people who can’t manage credit. But it’s not.
What researchers have learned lately ranges from unpleasant to disgusting
Pre-planning can save you more money on Easter than you think.
I know a lot more about our country today, but I’m not really smarter for it.
Small businesses will play a big part in a rebounding job market, a new survey says.
A “waiting room” means different things in different states.
Everyone knows weddings are expensive. Here’s five fascinating dollar figures.
Some of the most respected polls of 2013 contained crazy questions that went unreported. Till now.
Yes, there’s an annual survey of parents about tooth fairy pay. Believe it or not, the results have historically predicted the future of the adult economy.
Notice I didn’t say women are smarter than men. Because that’s not what the science shows.
Some research studies are important. Others are silly. Let’s look at the latter.
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.
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.
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.
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.
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.
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.
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