Bet you didn’t know it’s Financial Planning Week! There’s no question that financial planning is something Americans could use more of. In this post, I’ll share with you some basic facts about debt in the United States. In a post later today I’ll share some great tips for how to get control of your financial future.
Household debt in the United States is 67% of the GDP (Gross Domestic Product).
That’s down from 85% in 2008 according to the Washington Post. Mortgage debt is the bulk of this debt, despite the hype surrounding student loans. “Add the $7.8 trillion in outstanding mortgage debt and another half a trillion in home equity credit lines, and that’s more than three-quarters of all household debt.”
“The percentage of U.S. households carrying any debt dropped to 69% in 2011 from 74% in 2000, the government reported. But the median debt load rose to $70,000, from an inflation-adjusted $50,971” says an article in USA Today.