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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.
Compliance matters will help prepare a public charity or private foundation to address a threat.Review mission/purpose statements, particularly in your governing documents.Review your communications...more
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For Navya, the lockdown revealed stark inequities faced by women in India, particularly in underserved areas.She established Project Naveli with three core objectives: addressing healthcare needs,...more
Small Business Britain unveils 2025a€™s most inspiring female entrepreneurs.Campaign showcases female founders driving innovation and impact across sectors including health, sustainability,...more
Global Health Education Program (G-HEP) 2024 Lecture 9: Solving Planetary Health Challenges in Japan and a Changing World (October 10, 2024) - Health and Global Policy Institute.The global health...more
The Schwab Foundation Awards 2025 celebrate 18 social entrepreneurs and innovators from 15 organizations spanning 13 countries.The awardees' groundbreaking solutions are addressing urgent issues and...more
Foundation: Dubois County Community Foundation, Lilly Endowment
Memorial Hospital and Health Care is the recipient of a $1.07 million grant.The grant marks an important step in addressing the growing need for accessible mental health resources.Memorial Hospital...more
Foundation: Becton, Dickinson and Company
BD Highlights the Latest Innovations in Drug Delivery at Pharmapack 2025 (January 20, 2025) BD will feature BD Accuspray Nasal Spray System, a disposable system for nasal administration of...more
Health systems looking to maximize care for patients undergoing cancer treatment are finding value in innovative partnerships that focus on care management and monitoring at home.The Memorial Hermann...more
GrassWorks, Wisconsin's premier organization for sustainable grazing advocacy and education, is thrilled to announce the 33rd Annual Grazing Conference.This year's theme, 'Resilience by Design,' will...more
Social Entrepreneurship
Spotlight
Sustainable Principles for an Innovating Nigeria
The Central Bank of Nigeria (CBN) released the Nigerian Sustainable Banking Principles, an agreement signed by 34 banks, including the original eight of the nation’s leading banks, that covered nine key areas: environmental and social risk management, environmental and social footprint, human rights, women’s economic empowerment, financial inclusion, environmental and social governance, capacity building, collaborative partnerships and reporting.
