Credit Summit said total consumer debt increased by $313 billion in the second quarter of 2021.
from credit and loan services company Credit Summit shows that a staggering amount of consumer debt has piled up over the past few years as households took on a variety of loans. The company said student loans and auto loans have more than doubled since 2010, driving up total debt loads.
“By 2021, the typical American household had more than $58,000 in student loan debt and $30,000 in auto loans,” Credit Summit said. “Over $1.5 trillion and $1.4 trillion are due on student loans and car loans, respectively.” It’s important to note that student loan repayments have been on pause during the pandemic. They were set to restart in May, but there have been media reports noting it might be extended.
And while credit card debt dropped during the pandemic, loans and mortgages increased the debt burden of consumers. As a result, Credit Summit said total consumer debt “increased by $313 billion in the second quarter of 2021, a 2.1 percent increase from the first quarter. Debt is now $812 billion higher than it was at the end of 2019 and $691 billion higher than in the second quarter of 2020.”
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