Besides wrinkles, there’s one thing that nobody wants more of: debt. And while people in the U.S. are less likely to be in the red than they were in the past, those who do have debt are even deeper in the hole, according to a just-released report from the U.S. Census Bureau.
To track the ups and downs of U.S. household debt, economists took a look at money owed by American families in 2000 and 2011 and adjusted the figures for inflation. Their findings: the percentage of U.S. households in debt declined from 74 percent to 69 percent. Unfortunately, people who carried debt in 2011 owed a median of $ 70,000—nearly $ 21,000 more than the inflation-adjusted figure from the year 2000. And it gets worse: The net worth of most U.S. households—as in total, not just those that were in debt—dropped by nearly $ 13,000 during the years examined by the study.
Compulsive shopping isn’t the culprit here—college loans and medical bills were more likely to be behind people’s debt than credit card statements.
Want to get out of the hole—or make sure to stay in the black? Start with these simple ways to avoid debt and manage any outstanding balance you might have.
More from WH:
Money Secrets Couples Keep
Quiz: Are You Wasting Your Money?
Recession-Proof Your Money
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