Tag: WalletHub

U.S. Household Debt Rises Sharply

The Center Square

Household debt across the country is sharply on the rise, with U.S. households now collectively on the hook for about $17 trillion in total. The average family holds about $142,680 in debt, according to a new WalletHub report.

All told, the personal finance website concludes that 2022 ended with Americans roughly $320 billion more in total debt than they were at the start of the year. During the fourth quarter alone, consumers added at least $398 million in new debt, the fourth highest build-up for a fourth quarter over the past two decades and more than four times larger than Q4 2021.

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Pennsylvania Has One of the Lowest Worker Quit Rates in America

The Center Square

Job quit rates have been up since the pandemic, but Pennsylvania lags behind the national average. While that may look like stability and satisfaction with one’s job, it’s a sign of a lack of opportunity for workers in the commonwealth.

An analysis by WalletHub found that Pennsylvania had one of the lowest quit rates in the nation – it ranked 47th. In the last month, Pennsylvania’s resignation rate was 2.1%, with an average rate of 2.24% in the last year.

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Reports: As Inflation Rose in 2021, So Did Americans’ Credit Card Debt

The Center Square

As inflation rose last year to a 40-year high, Americans’ credit card debt also soared, according to analyses published by the personal-finance website WalletHub.

In its Credit Card Debt study, Wallethub found that consumers racked up $87.3 billion in new debt in 2021. During the fourth quarter of 2021, debt increased by $74.1 billion, the largest increase ever reported, Wallethub notes. It was also a 63% larger increase than the post-Great Recession average for a fourth quarter.

By the end of 2021, the average household credit card balance was $8,590. “That’s $2,642 below WalletHub’s projected breaking point,” the report states.

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