The American debt crisis in 5 charts
With mortgage debt creeping back up and student debt ballooning, American families are in the midst of a debt crisis. While we needlessly fret about overconsumption and hyperconsumerism, we miss a bigger picture: rising housing, medical, and education costs. Here are five charts that show the extent of the country’s debt problem.
To learn more about how we got here—and how we can get out—check out the United States of Debt, a Slate Academy.
1. Although household debt relative to GDP has declined since the recession, it remains higher than it was for almost all of postwar history.
Associated Press/Julie Jacobson
2. Nonmortgage debt, which includes student loans, credit card debt, and auto loans, is creeping up. Meanwhile, mortgage debt is creeping back up, having fallen after the housing bubble popped.
Associated Press/Julie Jacobson
3. Student loan debt now exceeds credit card debt, auto loans, and other nonmortgage debt.
Associated Press/Julie Jacobson
4. Household debt relative to GDP is greater in the U.S. than in Germany, France, Italy, and Spain.
Associated Press/Julie Jacobson
5. The average household that has credit card debt owes $16,000. That number is $27,000 for auto loans, $48,000 for student loans, and $169,000 for mortgages.
Associated Press/Julie Jacobson
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