The Debt Deadlock of U.S. Consumers

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According to SB Wire, “U.S. citizens have taken up to $11.38 trillion consumer debt [in 2012].” These consumer debts result from outstanding expenditures that exceed consumers’ income. There are two main types of consumer debt that stimulate economic growth: revolving debt (ie. credit cards), and non-revolving debt (ie. auto loans or mortgages).Americans owe a combined total of $1.944 trillion in school, auto and furniture loans, alone. In terms of overall, American consumer debt profiles, the average household debt is $54,000, and the average credit card debt is $15,162. Furthermore, mortgage debts exceed $147,967 and the average student loan debt is $33,445. The US Census Bureau states that between 2010-2011, the median amount of household debt increased from $50,971 to $70,000
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