Mark Kohler breaks down the average debt Americans carry: $40,000 in student loans, $5,000 on credit cards, $17,000 in consumer debt, $20,000 in auto loans. Medical debt is the leading cause of bankruptcy in the U.S., and many people owe far more than the averages.
People need this. They sometimes don't want to talk about it. But as an advisor, I want to help them get their life in control by getting out of debt. Average student debt, 40,000. Credit cards, 5,000. I thought that was a little low. Consumer debt, 17,000. You've got auto loans at an average of 20,000, medical debt at 1,000, and that's over the entire adult population. But there's a lot of people with significant medical debt. The number one reason for bankruptcy in America is medical debt.
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