A new study by CardHub finds that Americans have the highest average of debt since 2008 – the Great Recession. The study shows that the average household has $7,800 in credit card debt. That means that 2016 might be a repeat of 2008. With consumer confidence high, more people are spending more than they can afford.
After credit card debt, the study finds that mortgage debt is the next highest at more than $8 trillion. However, mortgage debt is carried over 30 years while the consumer lives in their house. A much different kind of debt than what is put on a credit card. The next highest form of debt is student loans with more than $1.2 trillion outstanding. That breaks out to an average of $30,000 in student loan debt per student.
You can read more about the CardHub story on Fox Business webpage. The article also includes simple tips on paying back the debt.