How would you handle $4 trillion of debt? Hopefully, you’ll never have to answer that question – but America’s total outstanding non-mortgage consumer debt is nearing the $4 trillion mark. (Add mortgage debt, and our total consumer debt tops $13.5 trillion.)
According to Federal Reserve data as of October 2018, non-mortgage consumer debt was just over $3.96 trillion and is on pace to break the $4 trillion mark before year’s end. This debt includes revolving debt like credit cards ($1.037 trillion) and non-revolving debt including auto loans, student loans, and personal loans ($2.926 trillion).
LendingTree highlights the rise in consumer debt in their November 2018 debt report. Using Federal Reserve data, the report finds that our consumer debt has quadrupled over the last 24 years.
We passed the $3-trillion mark in 2013, and we’ve added $1 trillion to that in the subsequent five years. In contrast, it took us ten years to go from $2 trillion to $3 trill…