US Households’ Debt Reaches $16.5 Trillion

US Households’ Debt , Reaches $16.5 Trillion.

'The Hill' reports that NerdWallet surveyed over 2,000 Americans about debt and finances.

Their findings were released on Jan.

10.

According to the study, the average American household has over $165,000 in debt.

'The Hill' reports that is a 7.65% national increase from the previous year.

Over the past year, mortgages, auto loans and overall debt have increased.

Credit card balances carried month to month have also increased, totaling approximately $460 billion.

Credit card debt is often thought to be the result of frivolous spending, but for many Americans, that’s just not true, Sara Rathner, a NerdWallet credit cards expert, via 'The Hill'.

Consumers are feeling the squeeze of higher prices and interest rates, and paychecks just aren’t keeping up.

, Sara Rathner, a NerdWallet credit cards expert, via 'The Hill'.

That’s forcing many to make tough decisions, like going into debt to pay for necessities.

, Sara Rathner, a NerdWallet credit cards expert, via 'The Hill'.

According to the NerdWallet study, last year's median household income only increased by 4% while the overall cost of living jumped 8%