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The Looming Crisis: A Deep Dive into the U.S. Household Debt Situation
In recent times, a concerning trend has emerged in the United States: many households are teetering on the brink of bankruptcy, signaling a possible recession. As we delve into the details of household debt, the figures reveal a grave situation.
As of the fourth quarter of 2024, total American household debt has crossed the staggering threshold of $18 trillion, marking the highest level in U.S. history. Housing debt, primarily comprised of mortgages and home equity loans, contributes $13 trillion to this figure, while the remaining $5 trillion encompasses various forms of consumer debt.