10 Little Known Debt Statistics You Won’t Believe

We have made an infographic to show you the numbers regarding the state of debts of Americans. Check out the results below:

10 Little Known Debt Statistics You Won

Transcript:

10 Little Known Debt Statistics You Won’t Believe

Americans have a staggering amount of debt that is rooted in multiple causes. As debt settlement experts, we here at Financial Solutions of America think it is crucial to be aware of the state of debt throughout the country. Learning how debt builds on a large scale can shed some insight on your own personal debt, and aid you in the discovery of your own financial solution.

1. The average American is more than $225,000 in debt.

This includes a variety of debt types like student loans, car loans, mortgage loans, and credit card debt.

2. 76% of Americans live paycheck-to-paycheck.

Most Americans do not have enough money in their savings account to pay for 6-months’ worth of expenses.

3. Over 3.5 million Americans work for minimum wage or less.

Minimum wage has increased 50% from a decade ago.

4. Those earning higher incomes tend to have more debt.

Contrary to what might be expected, those earning more than $50,000 annually tend to have deeper credit card debt.

5. The average household in the United States has at least $15,000 in credit card debt.

Many Americans use credit cards to pay hefty bills, like medical care. Making minimum payments leads to rocketing interest rates.

6. An average of 12%-18% more money is spent when you use credit cards.

It’s easy to lose track of how much money you’re spending when it goes to a credit card bill. On top of that, you pay for interest rates and processing fees.

7. College graduates in the United States owe an average of $29,000.

As college tuition prices rise, so do student loan debts. Both have been on the rise since 2011.

8. The national outstanding student loan debt is increasing at about $2.853.88 per second.

As college tuition increases, financial aid and grants are harder to obtain. Those who do receive help often only receive partial aid and still have to take out loans to cover the rest of their tuition.

9. Median household incomes have decreased by 7.3%.

Increased unemployment rates is the greatest influence at work in this statistic. Many occupations that were formerly mid-wage jobs are now becoming low-wage jobs.

10. The IRS held $760 million in unclaimed tax refunds.

2014 saw $760 million in unclaimed tax refunds from an estimated 918,600 taxpayers.

If you are having trouble keeping up with debt, get in contact with Financial Solutions of America. We can help you settle your debt within as little as 12–24 months. Contact us to learn more about our debt settlement program.