The nonhousing debt in the U.S. has grown every year since 2013. From auto loan debt to credit cards, Americans are leaning more on borrowed money to manage finances.
In the second quarter of 2023, nonmortgage debt in America grew to $4.71 trillion, a 5.8% increase from $4.45 trillion at the same time last year.[ ] Although delinquency rates on that debt have remained low, payments could become a larger burden as interest rates and the cost of living rise.[ ]
Managing that debt can be a challenge, but one tool Americans take advantage of are debt consolidation loans. Consolidating debt can allow borrowers to combine balances and reduce interest rates to make payments more affordable.
To better understand how debt is being managed, Forbes…
Read the full article at: https://www.forbes.com/advisor/personal-loans/debt-consolidation-loan-statistics/