US Household Debt Surges to $16.5 Trillion 📉

US Households’ Debt , Reaches $16.5 Trillion.<br />'The Hill' reports that NerdWallet surveyed over 2,000 Americans about debt and finances.<br />Their findings were released on Jan. 10.<br />According to the study, the average American household has over $165,000 in debt.<br />'The Hill' reports that is a 7.65% national increase from the previous year.<br />Over the past year, mortgages, auto loans <br />and overall debt have increased.<br />Credit card balances carried month to month have also increased, totaling approximately $460 billion.<br />Credit card debt is often thought to be the result of frivolous spending, but for many Americans, that’s just not true, Sara Rathner, a NerdWallet credit cards expert, via 'The Hill'.<br />Consumers are feeling the squeeze of higher prices and interest rates, and paychecks just aren’t keeping up. , Sara Rathner, a NerdWallet credit cards expert, via 'The Hill'.<br />That’s forcing many to make tough decisions, like going into debt to pay for necessities. , Sara Rathner, a NerdWallet credit cards expert, via 'The Hill'.<br />According to the NerdWallet study, last year's median household income only increased by 4% while the overall cost of living jumped 8%