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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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Foundation: Rockefeller Foundation
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The Translational Research Institute for Space Health (TRISH) will conduct a suite of human health and performance research projects during the upcoming Axiom Mission 4 (Ax-4) to the International...more
Vaishali Jha is a passionate entrepreneur, AI enthusiast, and wellness advocate.She is dedicated to transforming mental health care through innovative, human-centered technology.Jha: Health care...more
More than 26,000 pharmacies that operated between 2010 and 2020 had closed by 2021.Drug price transparency is under renewed focus, with reforms aiming to increase clarity and reduce control exerted...more
The risk that the FDA could stop permitting Section 503B-registered outsourcing facilities to compound sildenafil citrate or other active pharmaceutical ingredients in the company's proprietary...more
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Rockefeller Foundation
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de Beaumont Foundation
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Spotlight
The Financial Services Sector: What it Means for Impact Investing
A recruiting trends report by Michigan State University’s (MSU) Collegiate Employment Research Institute discovers that the financial services sector is decreasing the hiring rate for Bachelor’s degrees from “double-digit expansion”.
