This ‘real world’ experience has been essential in my writing. Americans owe a collective $1.54 trillion in student debt. With billions of credit cards in circulation and the national level of credit card debt rising, it’s important to keep an eye on the trends. The lowest recorded credit card delinquency rate was 7.1% in the third quarter of 2016 and the highest was 13.7% in the second quarter of 2010 in the wake of the Great Recession. Hispanic and Latino families are at the top of the range at 49.6%. The average American's credit card balance is $6,194 as of the second quarter of 2019. We do receive compensation from some partners whose offers appear on this page. Average consumer debt per capita is approximately $12,687 (total consumer debt as of November 2019 / total US population as of January 9, 2020). Not surprisingly, states with larger populations have higher aggregate student loan debt. Our primary objective is to maintain a safe and competitive U.S. and global banking system. Of $1.54 trillion in U.S. student loan debt, women hold nearly two-thirds of the debt. Looking at credit card debt by household education level, we find that the percentage of families holding credit card debt generally increases with education, though it drops off among Americans who have a college degree. The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. If Biden wins, there will be increased regulation, higher taxation, and an increase in social programs. Apple named The Lemonade Life one of "Fall's Biggest Audiobooks" and a "Must-Listen." Approximately 12 million student loan borrowers are in student loan deferment, student loan forbearance or student loan default. The average credit card interest rate in the U.S. is 14.52% as of May 2020. 18% of workers earning a salary greater than $100,000 are living paycheck to paycheck. Our model produces a "nowcast" of GDP growth, incorporating a wide range of macroeconomic data as it becomes available. sound financial and economic decisions through community development and education programs. However, with an already burgeoning debt, which is expected to grow substantially in the coming years, additional debt will create systemic problems which, at some point, may be impossible to escape. But high levels can be damaging.” The research examined data from 18 countries from 1980 to 2010. Bestselling Author, The Lemonade Life. Data source: Federal Reserve Bank of New York. We hope you found these financial statistics useful, whether you’re hunting for specific information or simply want to be as informed as possible. Maryland residents enjoy the highest median household income of just over $78,000. Apple named The Lemonade Life one of "Fall's Biggest Audiobooks" and a "Must-Listen.". Student loan debt in 2020 is now about $1.56 trillion. The conclusion? Highest Average Student Loan Debt By State, Highest Average and Lowest Average Student Loan Debt By State, Student Loan Debt Per Capita In Select U.S. States. 29.2% of Americans don’t save any of their income. The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions. Data source: Federal Reserve Bank of New York (2020). There are 23.2 million student loan borrowers under the age of 34, with this group representing more than half of all student loan borrowers. The national debt has been a routine part of the federal budget since President Nixon abandoned the gold standard in 1971. 6% of all undergraduates – 1,373,000 students – borrowed private loans in 2011-12. The Bureau of Labor Statistics found that total employment increased by 4.9 million to 142.2 million in June 2020. The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors. What's the total credit card debt in the U.S.? As of January 2020, 41% of Americans would cover a $1,000 car repair or emergency room visit with savings. The Federal Reserve has reported on consumer debt … Student Loan Debt Statistics. Congress spending and wasting your money. Americans currently have 511.4 million credit cards. The number of Fidelity 401(k) plans with a balance of $1 million or more in 2019 increased 35% year over year. Despite having the lowest percentage of cardholders who carry a balance, white, non-Hispanic families had the highest average credit card debt at $6,500, followed by other/multiple-race families at $5,700, and African American and Hispanic/Latino families at $3,800. 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