WalletHub has released the latest edition of its Household Debt Report, and the survey found that many Americans believe that high inflation is a main contributing factor to their increasing debt.
Key Findings:
- Inflation Fuels Debt Growth: Nearly 3 in 5 Americans believe high inflation is the factor contributing the most to rising debt levels.
- Dreary Debt Outlook: More than 2 in 5 people expect their household debt to increase in the next 12 months.
- Drowning in Debt: 56% of Americans say their household is struggling with debt.
- Owned by Credit Cards: More than 1 in 3 people feel like credit card companies own them.
- Financial Stress Impacts Wellbeing: 38% of Americans think their household debt is affecting their health.
- What to Focus On: More than 4 in 5 Americans think it’s important for people to track their net worth.
“Household debt is surging again, according to the latest data from the Federal Reserve Bank of New York, which just revealed another record high in amounts owed for overleveraged U.S. consumers. It’s not quite as bad when you adjust for inflation, but it’s certainly not where we want to be heading into the holiday season. Even if you don’t put much stock in government economic data, reports from consumers are painting a gloomy picture as well. A majority of Americans say their household is struggling with debt, according to a new WalletHub survey, and more than one-third of people feel like their credit card companies own them. It seems the best gift many of us can give ourselves this holiday season is freedom from debt. That starts with a good budget and tools like WalletHub.”
– John Kiernan, WalletHub Editor