Personal debt continues to be a struggle for many Americans, including thousands here in Texas. According to data recently gathered by Northwestern Mutual, the average American had more than $38,000 in debt in 2018. This amount did not include home mortgages. The research also found that individuals are two-times more likely to thousands, perhaps even tens of thousands, of dollars in debt than they do in savings. Only 23% of Americans didn't carry any debt last year.
There are a number of factors contributing to increasing personal debt. Amongst them are medical expenses, student loans and credit card debt. Childcare expenses and housing costs have also left individuals struggling to get by. Another element of personal debt may be transportation costs, more specifically car payments. The average auto purchaser in 2018 borrowed money in excess of the average per capita income, meaning that it may be challenging to pay back.