Student loans
The Federal Reserve estimates that in the third quarter of 2020, Americans owed more than $1.7 trillion in student loans — an increase of nearly 4% compared to the third quarter of 2019.
The decades-long increase in student debt is even more noticeable when compared to decades prior. In the third quarter of 2010, Americans owed roughly $845 billion in student loans which means that U.S. student debt has increased by approximately 102% in the past decade.
Please take a look at the graph at the link below.
Please note that the information comes straight from a branch of the Federal Reserve Bank.
Please also note that it is a very long-term graph - but we are to a point where the problem is getting serious. That is why I am pointing it out.
Total consumer credit (including credit cards)
Please take a look at the graph at the link below.
Please note that the information comes straight from a branch of the Federal Reserve Bank.
Please also note that it is a very long-term graph - but we are to a point where the problem is getting very serious. That is why I am pointing it out.
Auto loans (this is a separate category from consumer credit because vehicle loans are backed by an asset, the vehicle)
Please take a look at the graph at the link below.
Please note that the information comes straight from a branch of the Federal Reserve Bank.
Please also note that it is a very long-term graph - but we are to a point where the problem is getting very serious. That is why I am pointing it out.
Mortgage loans
Please take a look at the graph at the link below.
Please note that the information comes straight from a branch of the Federal Reserve Bank.
Please also note that it is a very long-term graph - but the data is not encouraging. That is why I am pointing it out.