The Consumer Debt Crisis in the U.S.

David M. Katz, Esq.

October 2024

Consumer debt, including mortgages, credit card debt, personal loans, student loans and auto loans, increased by $184 billion in just the first quarter of 2024, to a record total of $17.69 trillion. The author discusses what drives the skyrocketing debt in this country and its impact on individuals and the broader economy; and offers some solutions.