According to the Federal Reserve Bank of New York, the average American consumer owed $90,460 in debt . The total amount of consumer debt in the United States was over $14 trillion, and the average debt per person was almost $13,000.
The average American consumer owes the most in mortgage debt, with approximately $9.5 trillion in outstanding loans. This is followed by auto loans, which account for $1.3 trillion, and student loans, which account for $1.5 trillion. Credit card debt is the fourth largest source of consumer debt, at $807 billion.
The amount of debt held by each generation varies significantly. Millennials have the highest levels of debt, with over $1.5 trillion in total consumer debt. Generation X is the second most indebted generation, with $1.2 trillion in total consumer debt. Baby boomers have the third highest levels of debt, with approximately $1 trillion in total consumer debt.
It is important to remember that debt can have a major impact on your life. It can be overwhelming and leave you feeling hopeless. However, there is an answer. Debt Forgiveness with Forgivey. A modern solution to debt. With Forgivey they purchase debt and forgive it. Check out today what Forgivey can do for you and your debt.