2020 was a tough year and as we covered in other posts, there are some actions that can help us all be better prepared for the uncertain. We thought now would be a good time to post some financial statistics related to the average American and follow up later this year with an update after the trials of 2020.
1. Nearly 20% of people making greater $100K/year are living paycheck to paycheck.
2. In 2019, 60% of Americans admitted living paycheck to paycheck.
3. Also a 2019 statistic, nearly 30% of Americans had no emergency savings.
4. The average household in the US carries around $7000 in credit card debt.
5. There is around $893 billion dollars in credit card debt in America.
6. Alaska has the highest credit card debt per person and Iowa the lowest (2019).
7. American consumer debt is around $13 trillion.
8. Americans owe $1.5 trillion in student loan debt with women holding 2/3 of the debt.
9. US median household income was $68K in 2019 which was a near 7% increase from 2018.
10. Alabama has the lowest median income with Maryland having the highest.