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Americans Inch Closer to Debt Level ‘Breaking Point’ as Household Borrowing Tops $17 Trillion

With Federal Reserve data showing household debt climbing above $17 trillion, the average American household is just over $14,000 away from reaching a “breaking point” at which it will be unable to continue paying off loans, according to a study by WalletHub.
Americans Inch Closer to Debt Level ‘Breaking Point’ as Household Borrowing Tops $17 Trillion
People shop during Black Friday in Arcadia, Calif., on Nov. 25, 2022. Frederic J. Brown/AFP via Getty Images
Tom Ozimek
Tom Ozimek
Reporter
|Updated:
0:00

With Federal Reserve data showing household debt climbing above $17 trillion, the average American household is just over $14,000 away from reaching a “breaking point” at which it will be unable to continue paying off loans, according to a study by WalletHub.

The New York Federal Reserve reported on Aug. 8 that overall household debt ticked up by $16 billion in the second quarter, or 0.1 percent, to $17.06 trillion.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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