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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.
Wealth managers are seeing a growing demand for strategies that balance financial returns with social outcomes.The 2025 AlTi Global Social Progress Index assesses 170 countries across key indicators,...more
Foundation: Kellogg Foundation
The Growing Healthy Minds, Bodies and Communities program provides training and resources to support preschool teachers, students and students' families.The Clinic for Outreach and Personal...more
All Individuals First Receives Grant For $1,000 From Los Alamos Community Foundation.The grant is part of the Foundation's 10 for 10 Anniversary Celebration.All Individuals First is a non-profit that...more
Foundation: Madison Community Foundation
The Bike Bus fund supports the purchase of the vehicle, the cost of a wrap, an insurance fund and a gas and maintenance fund.We'll also use it to transport volunteers to bike donation drives outside...more
b.well Connected Health demonstrated end-to-end patient data retrieval via the TEFCA network, in partnership with CommonWell Health Alliance.Paul Wilder: I think you're going to see more innovation...more
Cure CEO Seema Kumar is breaking down silos in Healthcare Innovation.Kumar has observed that many brilliant health innovators struggle not with scientific knowledge but with commercialization...more
The AI and Student Mental Health Symposium was held on March 16 at Dartmouth.The event was sponsored by the Center for Technology and Behavioral Health.Keynote speaker Ellie Pavlick, an assistant...more
The Liaison Committee on Medical Education will continue to fully accredit Dell Medical School at The University of Texas at Austin for the next eight years.The LCME is the accrediting body for...more
AISAP, an Israeli medical startup pioneering AI-driven diagnostics, has been recognized as one of the world's most innovative and promising companies for 2025.The comprehensive report seamlessly...more
Medical students will practice in a world where technology is a more integrated part of health care.Technology and innovation should become a cornerstone of medical education and training.Responsible...more
Social Entrepreneurship
Spotlight
DIGDEEP Brings Clean Water to Many American Homes
DIGDEEP Water, a human rights organization founded by international human rights lawyer George McGraw, designs water access projects. This holiday season, DIGDEEP is bringing reliable clean water access to over 250 homes through its Navajo Water Project, in partnership with St. Bonaventure Indian Mission in Thoreau, NM.
