Below is an infographic (we love them!) that takes a look at current (2011) consumer debt in the U.S. While the numbers may look bleak, it’s not all bad news. The average family in 2011 actually has a manageable amount of debt, ESPECIALLY when you look at the current price of homes, cars, and college tuition for those entering the full time work force. If anything, it’s the upcoming generation that is in the most trouble.
Another positive swing with these numbers is that they’ve actually started going DOWN since 2008. In fact the only category of debt that has consistently risen in the last 3-4 years is college loans. Credit card debt has been reduced as families are tightening their wallets and purses favoring paying down debt over spending. Car and home loans are more difficult to obtain, and since the housing bubble burst, foreclosures are a major factor of the decrease in overall mortgage debt. That said, $11.4 Trillion is no small chunk of change. Here’s the breakdown: