The total debt for an American household rose again in the third quarter of this year to reach $17.9 trillion. That’s an increase of nearly $150 billion, according to the Federal Reserve Bank of New York.
In short, many Americans are drowning in debt. Especially younger Americans. CNBC, citing the credit reporting company Experian, reports the average millennial has more than $27,000 in non-mortgage debt. Gen Z is not too far behind. According to The Hill, the non-mortgage debt for people in that generation living in the 100 largest metro areas in the country hovers around $16,000.
Of course, age isn’t the only line of demarcation. Gender and race can also play a big role in how a person views income, debt and money management.
We speak with personal finance author and Charlotte resident Bernadette Joy about money management techniques, the benefits of paying down debt and the challenges facing women and people of color in this area.
GUEST:
Bernadette Joy, author of “Crush Your Money Goals: 25 Smart Money Habits to Save, Invest, and Fast-Track Your Financial Freedom”
