Household Debt and Financial Trends

The video discusses the significant rise in American household debt, highlighting its impact on financial anxiety and economic growth. It explores the effects of the COVID-19 pandemic on personal savings and debt management, the challenges posed by rising interest rates, and the burden of student and auto loans. The video also examines the economic implications of debt, including its role in consumer spending and potential recession risks. It addresses the unequal impact of debt across different demographics and emphasizes the importance of policy measures to manage and reduce household debt.

What percentage increase in household debt was observed from 2012 to 2022?

• 25.50%

• 50.00%

• 30.25%

• 41.79%

During the COVID pandemic, what was the average personal savings rate?

• 10.5%

• 15.0%

• 7.25%

• 12.6%

What percentage of American household debt is related to housing?

• 72.5%

• 50.0%

• 60.0%

• 80.0%

Which type of debt has the highest rate of serious delinquency?

• Auto loans

• Credit card debt

• Mortgage debt

• Student loans

What is the median car loan term as of recent years?

• Four years

• Five years

• Six years

• Seven years

How much of the U.S. GDP is contributed by consumer spending?

• 70%

• 50%

• 80%

• 60%

Which demographic has the highest debt-to-asset ratio?

• Asians

• Latinos

• Whites

• Blacks

What percentage of workers had their wages garnished in 2016?

• 12%

• 7%

• 10%

• 5%

What was the impact of the child tax credit expansion under the American Rescue Plan?

• Reduced household debt

• Increased household debt

• No impact on household debt

• Increased savings only

What role can the government play in reducing medical debt?

• Providing more loans

• Reducing interest rates

• Increasing taxes

• Expanding Medicaid