O'Donnell Law Center : Lake of the Ozarks

Debt is one of the greatest obstacles any adult can face, and unfortunately, it has become a pervasive problem in our modern society. In order to better illustrate the current debt burdens American households are carrying, our Lake of the Ozarks debt collections defense attorney is here to share the following 2016 statistics compiled by  NerdWallet . Here is how much debt the average household has in each of these categories: Credit cards - $16,748 Car loans - $28,948 Student loans - $49,905 Mortgages - $176,222 Any given household may carry more or less debt than the average in each of these categories, depending on the family's specific lifestyle/needs. NerdWallet goes on to reveal that after adjusting the totals in any given category, the average household carries a total debt balance of $134,643 (including mortgages). What Happens To All That Debt? Typically, consumers take on debts to cover certain large purchases they would not otherwise be able to a...

8 in 10 Americans are in debt (Source: CNBC.com ) . We all dream of achieving a debt-free lifestyle, but the unfortunate truth is that most of us will never get there. However, having debt is not necessarily a bad thing. Car loans and mortgage loans, for instance, allow us to own cars and homes that we would never be able to afford if were limited to making out-of-pocket purchases. If you fall behind on payments, though, even "good" debt becomes a massive financial burden. If you or someone you know is struggling with delinquent debt, having a debt collections attorney on your side may be worth its weigh t in gold. Debt In America - A Brief Overview Americans are currently facing a debt crisis, with figures at all-time highs. Here are a few eye-opening statistics about the current debt level in America: The total outstanding consumer debt is $3.4 trillion.* 38.1% of households carry some amount of credit card debt.* Student loan debt currently exceeds all othe...