How Much Debt Are Americans In 2024?

July 17, 2024 By: Stephanie H. - CreditMonarch Online Writer0 comments

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In this 2024 year, there has been an increase in the number of Americans who are struggling to make ends meet. The total number of consumer debt in the United States stands at $17.987 trillion as of the first quarter of 2024. That’s a record high! The majority of Americans are expressing their need to live paycheck to paycheck. High prices and interest rates are causing pressure on many households, and prices are still going up, though at a slower pace than they were before.

It’s difficult or impossible to save and invest when you’re living paycheck to paycheck. In the event of an emergency or loss of income, this increases your vulnerability. In particular, young people have had to make financial sacrifices to handle rising rents, escalating student loan balances, and more expensive auto loan payments. The main explanation for living paycheck to paycheck is the high monthly expenses that involve rent or mortgage, insurance, utilities, credit card interest rates, and more.

Retirement security is also a major concern, with over half not saving and 62% feeling unprepared. A significant number of low and middle income households are using their savings to pay monthly expenses, which isn’t a good sign for their spending. Credit card debt is already at a record high and delinquencies are at the highest level since 2011.

Credit card debt can be easy to fall into, and it can be difficult to get out of it. Experiencing financial strain and worry can be overwhelming, but there are ways to improve your finances and make progress towards debt repayment. Make a plan to pay more than the monthly payment that is required by your credit card. You won’t be able to use another credit card to do this unless you do a balance transfer.

If you have a large balance, prioritize paying it off as soon as possible. The more time you spend on paying off a balance, the more money it will cost you. Here at CreditMonarch, we believe these are the best balance transfer credit cards in helping you pay off your credit card debt if you are struggling financially in 2024.

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• Balance Transfer