Posted On: March 5, 2024 by Kasasa in: Your Financial Life | Personal Banking
10 Important facts about debt
1. Americans are anchored by credit-card debt.
Credit card debt is held by homeowners and renters, college graduates or Americans who entered the work force with a high school diploma of GED, so it is understandable that credit card debt spans across all demographics of the country. Almost half of Americans carry credit card debt to the tune of $807 billion, with the average interest rate hovering near 16%.
2. Yes, there is such a thing as good debt.
Of course, not all loan debt is bad - how else would you pay the mortgage on the roof over your head and build good credit without loans? For many, a student loan is the only way to cover the cost of tuition for trade school or an advanced degree. In 2020, total student loan debt increased by 12%, the largest percentage increase across all loan types.
Once that degree is in hand, the opportunity for higher income often improves for college graduates, as does the average amount of
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