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From auto loan debt to credit cards, Americans are leaning more on borrowed money to manage finances. In the fourth quarter of 2023, nonmortgage debt in America jumped to $4.89 trillion, a 5.4% increase from $4.64 trillion in Q4 2022.[ ]
Managing debt can be a challenge, but one tool Americans take advantage of are debt consolidation loans. Consolidating loans can help borrowers combine balances and reduce interest rates to make payments more affordable.
To better understand how debt is being managed, Forbes Advisor conducted an in-depth analysis of U.S. debt and…
