Back in 2000, 74% of US households carried some sort of debt. That has fallen to 69%, according to a report from the Census Bureau released last week.
But while fewer Americans are carrying debt, those that are owe more…40% more than just over a decade ago. The median household debt load rose to $70,000 from $50,971.
And while significantly fewer Americans have credit card debt – 38% now compared to 51% then – more households have other unsecured debt like student loans and outstanding medical bills.
More alarming is the fact that more seniors have debt: 44% now compared to 41% in 2000. And the senior debt burden has doubled, due to housing debt and costs resulting from financially supporting adult children.