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In macroeconomic terms, it is debt which is used to fund consumption rather than investment. [1] The most common forms of consumer debt are credit card debt, payday loans, student loans and other consumer finance, which are often at higher interest rates than long-term secured loans, such as mortgages.
Student loans are the second-largest type of consumer-generated debt behind mortgages, accounting for 9 percent of the nation’s consumer debt. 51 percent of college undergraduates finish college ...
The average amount of credit card debt per consumer in the U.S. in 2023 was $6,501, according to Experian. ... And carrying too much student loan debt might upend your finances in less obvious ways.
A 2024 survey by the Consumer Financial Protection Bureau revealed that nearly 61% of borrowers who received debt relief ... particularly those with lower incomes and larger student loan debt. ...
Student loan debt rose from $480.1 billion (3.5% GDP) in Q1 2006 to $1,683 billion (7.8% GDP) in Q1 2020. Student loans play a significant role in U.S. higher education. [50] Nearly 20 million Americans attend college each year, of whom close to 12 million – or 60% – borrow annually to help cover costs. [51]
The Economist reported in June 2014 that U.S. student loan debt exceeded $1.2 trillion with over 7 million debtors in default. In 2014, there was approximately $1.3 trillion of outstanding student loan debt in the U.S. that affected 44 million borrowers who had an average outstanding loan balance of $37,172. [46]
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