Americans’ debt has increased, led by mortgage, credit card and student loans. In the third quarter of 2023, household debt rose 1.3 percent. That brought the level to $17.29 trillion. Credit card debt for the average American household reached $7,951, and student loan debt for an individual in the third quarter of 2023 was $37,645. Bankruptcies were up 17 percent in the first half of 2023.
How did Americans reach this point? It all starts with teenagers. Although math, English, and humanities are taught, high schools often neglect personal finance. But that’s beginning to change. More and more states require personal finance to be incorporated into the curriculum.
