The demand for financial counselors is growing (with an estimated 15% job growth between 2014-2024).
New counselors and coaches in the financial-help industry will be essential as American consumers continue to accumulate new debt and face growing financial hardship.
Just how much debt are American consumers facing? Explore our infographic to find out.
American consumers collected more debt in 2018 and the trend is continuing into 2019. Credit counselors and financial coaches should be prepared to help new clients as American consumers begin to face debt problems.
Consumer debt in total is expected to hit $4 trillion this year. This includes credit cards, student loans and auto loans.
Total credit card debt has reached its highest point ever, surpassing $1 trillion in 2017. That’s the highest it has ever been.
Credit card debt grew the fastest in the final quarter of 2018.And the average Vantage Score is now 675. For many American consumers, it is easier to obtain credit or new lines of credit, even though consumer debt is growing.
41.2% of all households carry credit card debt.
- The average debt per American household is $5,700.
Households with the lowest net worth hold an average of $10,307 of credit card debt. Those with a net worth of $25,000-$49,000 hold an average of $6,822 of credit card debt.
- The median debt per American household is $2,300.
43% of Americans spend more than they receive each month and use credit cards to finance the shortfall. The average American will pay $1,183 in credit card interest.
Sources: Federal Reserve, CNBC
What information did you find most interesting? Let us know in the comments below!