U.S. households are spending more on just about everything due to inflation— food, gas, medical expenses, and transportation—and they are borrowing more.
Continue reading to find out the five most common kinds of debt in the U.S.
A home equity line of credit (HELOC) is a form of a second mortgage that allows homeowners to borrow funds against their home’s value.
Increasing credit card debt exemplifies the uphill battle consumers are facing to keep up with inflation costs.
Many Americans need a vehicle to get to work, but skyrocketing car prices have posed a challenge since the pandemic began.
The average tuition for a four-year college more than tripled in the last 50 years, which has also contributed to the increased debt burden for many borrowers.
Most Americans however, can’t purchase a home in full, so they take out mortgage loans, which come with interest fees charged by the bank or lender.
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