"How can I get out of debt?," you may ask. Deep down, you know that debt is a financial bondage. It is a difficult task, admittedly, seeing that the debt may be massive. Yet, if we take baby steps, we will eventually get out of it.
How Much Debt Does the Average Person Have in the US?
The Lexington Law Firm wrote, “Average consumer debt per capita is approximately $12,687 (total consumer debt as of November 2019/total US population as of January 9, 2020). . . Average loans per student equal approximately $82,170 (total student loans in September 2019/total students enrolled in public or private universities in 2019).”
Forbes wrote in February 2020, “Student loan debt in 2020 is now about $1.56 trillion. The latest student loan debt statistics for 2020 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are 45 million borrowers who collectively owe nearly $1.6 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans.”