{"id":1855139,"date":"2023-02-21T11:50:05","date_gmt":"2023-02-21T16:50:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1855139"},"modified":"2023-02-21T11:50:34","modified_gmt":"2023-02-21T16:50:34","slug":"household-debt-soars-to-highest-level-since-2008-financial-crisis","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/household-debt-soars-to-highest-level-since-2008-financial-crisis\/","title":{"rendered":"Household Debt Soars To Highest Level Since 2008 Financial Crisis"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhousehold-debt-soars-to-highest-level-since-2008-financial-crisis%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1855139&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>The American household debt rose to $320 billion in 2022. This is the highest level of American household debt. <a href=\"http:\/\/dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">Increases<\/a> over the last two decades, and at its highest point since 2008&#8217;s financial crisis.<\/p>\n<p>An estimated $17 trillion in debt is owed to households by credit cards, mortgages, student loan, credit card, and auto loans. <a href=\"https:\/\/wallethub.com\/edu\/d\/household-debt-report\/120725\" target=\"_blank\" rel=\"noopener\">Analysis<\/a> WalletHub. Current debt levels have reached $18 trillion in 2008. This is the year when the American housing markets collapsed and the world was plunged in to a deep financial crisis. <a href=\"http:\/\/dailywire.com\/topic\/recession\" target=\"_blank\" rel=\"noopener\">recession<\/a>.<\/p>\n<p>At the end of 2022, the average American household had $142,700 of debt. Most of that was due to an average of $100,000.00 in mortgage debt. The balance was made up mainly by an average balance of $13,100 on auto loans and $13,500 on student loans. An additional <a href=\"https:\/\/wallethub.com\/edu\/cc\/credit-card-debt-study\/24400\" target=\"_blank\" rel=\"noopener\">Study<\/a> WalletHub published last month that the average credit card debt rose from $8,500 in 2021 to $9.300 in 2022.<\/p>\n<p>Inflationary pressures continue to impact consumers, resulting in higher debt levels. According to a survey, inflation was 6.4% annually in January 2022. <a href=\"https:\/\/www.dailywire.com\/news\/inflation-rises-more-than-expected-in-january-after-biden-claimed-prices-are-coming-down\" target=\"_blank\" rel=\"noopener\">Report<\/a> The Bureau of Labor Statistics released last week that prices for groceries, food, and other necessities increased despite the fact that inflation continued to fall from its June 2022 9.1% rate.<\/p>\n<p>Last month&#8217;s overall food inflation was 10.1%, exceeding the headline 6.4% rate. According to the National Average Price of Gasoline, it currently stands at $3.39 per Gallon. This represents a 42% rise since January 2021 when President Joe Biden took office. <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=PET&#038;s=EMM_EPMR_PTE_NUS_DPG&#038;f=W\" target=\"_blank\" rel=\"noopener\">Data<\/a> From the Energy Information Administration.<\/p>\n<p>Biden claimed that inflation was a serious problem in his State of the Union Address. &#8220;coming down&#8221; Despite the high prices of critical products, they are still affordable. &#8220;Inflation has been a global problem because of the pandemic that disrupted supply chains and Putin&#8217;s war that disrupted energy and food supplies,&#8221; He stated. &#8220;But we&#8217;re better positioned than any country on Earth.&#8221;<\/p>\n<p>The commander-in chief also <a href=\"https:\/\/www.dailywire.com\/news\/biden-paints-rosy-posture-on-the-economy-before-state-of-the-union-heres-the-real-story\" target=\"_blank\" rel=\"noopener\">Claim<\/a> Before his speech, the United States had seen the &#8220;fastest gas price decline in eight years&#8221; Annualized headline inflation has fallen for &#8220;six months&#8221; His economic policies. These assertions ignore the fact that energy costs and overall price increases were lower before he took control of the Oval Office.<\/p>\n<p>Data shows that Americans are still spending beyond their means on certain products, despite economic pressures. They rely on a combination consumer debt and savings from the recession. According to a survey, the average debt of those who overspent during the holiday shopping season was $1,549. This represents a 24% rise from the previous year. <a href=\"https:\/\/www.dailywire.com\/news\/some-consumers-financed-holiday-spending-with-record-amounts-of-debt\" target=\"_blank\" rel=\"noopener\">Survey<\/a> LendingTree. LendingTree.<\/p>\n<p>According to the Biden administration, the total amount of consumer loans rose from $1.5 trillion to $1.8 trillion in the beginning to the Biden administration. <a href=\"https:\/\/fred.stlouisfed.org\/series\/CONSUMER\" target=\"_blank\" rel=\"noopener\">Data<\/a> Federal Reserve. According to the Federal Reserve. <a href=\"https:\/\/fred.stlouisfed.org\/series\/PSAVERT\" target=\"_blank\" rel=\"noopener\">Data<\/a> According to the Bureau of Economic Analysis this represents a significant drop in rates from before the lockdown-induced recessive recession.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>American household debt rose $320 billion in 2022, marking one of the highest increases over the past two decades and reaching the highest level since the 2008 financial crisis. Households owe a combined $17 trillion as a result of their mortgages, student loans, credit cards, and auto loans, according to an analysis from WalletHub. Current &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1494942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[10492,6170,5487,4263,7510,9049,8615],"class_list":["post-1855139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-10492","tag-crisis","tag-debt","tag-financial","tag-household","tag-level","tag-soars"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1855139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1855139"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1855139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1494942"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1855139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1855139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1855139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}