(WWBT) - With an overwhelming majority of American in debt, many are wondering how their burdens compare to that of their neighbors.
For most people, debt is a combination of mortgages, student loans, car payments and credit cards. When you throw in medical bills and personal loans, it seems Americans are drowning in debt.
Mortgage payments account for the vast majority of it.
According to consumer credit reporting agency Experian, the average mortgage debt in 2017 was $201,811. Without mortgages, American families owe an average of $24,706. The average student loan balance was a record high $34,144 in 2017.
Credit card balances averaged around $6,300. That's an increase over 2016 with Gen X-ers and Millennials seeing the largest increases.
While the debt may be normal, there are ways to dig out of it. Stick to a budget and attack those credit cards with high interest rates first.
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