Overall, the debt picture in America is a bit concerning. According to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report, total household debt in the U.S. recently hit a record $18.59 trillion.
Perhaps this is not surprising, as the Federal Reserve’s Survey of Consumer Finances showed that 77.4% of U.S. families carry some form of debt, with those owing money holding an average debt of $80,200. But if you break down that number, you’ll find that debt actually varies quite a bit on average across income levels.
