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In the fourth quarter of 2023, American household debt hit $17.5 trillion, according to the Federal Reserve's quarterly report on household debt and credit.
That's $212 billion more than in the third quarter of that year, and $50 billion more than in the fourth quarter of 2017, reports the Wall Street Journal.
And that's not counting credit card debt, which hit a new record of $1.13 trillion.
"This significant increase in debt underscores the critical need for resources and tools that can help address the root causes and effects of financial distress among American consumers," says Thomas Nitzsche, CEO of Money Management International, which has just launched a consumer distress dashboard.
Among its findings: The average amount of unsecured debt held by MMI's new clients is nearly $30,000, with an average monthly budget deficit of more than $300.
The demand for financial counseling has risen 54% over the same period last year.
New clients are now joining MMI's debt management plan at a rate not seen since 2012.
The average amount of student loan debt held by MMI's new clients is almost $20,000, with an average monthly budget deficit of more than $1,000.
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
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Kaakpema Yelpaala grew up in Kenya, attended Harvard, and now lives in Yale, where he's a professor and the new director of the university's health technology program, the New York Times...more
"We are in an age of incredible innovation" in the health care industry, writes Lee Murray in a blog post about a meeting with a private equity investor. Murray's mother in law suffered two brain...more
"Access to financial advice and banking services is essential for any community to thrive and our Community Center Branches are at the center of lifting up communities by creating opportunities for...more
It's World Intellectual Property Day, and the pharmaceutical industry is taking note. In a press release, the industry's trade group, the Pharmaceutical Research and Manufacturers Association,...more
The Star-Friedman Challenge, an annual contest that aims to spur cutting-edge scientific research, has announced its 2024 winners. Among the winners: a study on fat-handling organelles in...more
"We're like the kindling that gets the fire going," says Dr. Bryan Hartley, an associate professor of Radiology and Radiological Sciences at Vanderbilt University Medical Center who's working on a...more
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Social Entrepreneurship
Spotlight
Social Entrepreneurship: Meet the Disruptors of The World Of Philanthropy
William D. Eggers and Paul Macmillan of Dowser write about the social entrepreneurs slowly and steadily dirsupting the world of philanthropy. According to Forbes, philanthropy disruptors are those that believe “no one company is so vital that it can’t be replaced and no single business model too perfect to upend.”
