You’re going to want to sit down for this next statistic.
That’s not so great.
Mortgage payments make up the largest percentage of household debt, followed by credit card balances, student loans, and car loans. Cost of living has increased more rapidly than income growth, leading to much of the household debt. For example, while the median U.S. household income has increased 28% since 2003, medical costs have risen 57% since that time, and the price of food has increased by 36%. Student loan debt has increased by 186% over the past ten years. If these trends continue, household debt is projected to break the 2008 record high of $12.68 trillion at some point during 2017. This is particularly concerning as 2008 marked the start of a recession.
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