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In the fourth quarter of 2023, American household debt hit $17.5 trillion, according to the Federal Reserve's quarterly report on household debt and credit.
That's $212 billion more than in the third quarter of that year, and $50 billion more than in the fourth quarter of 2017, reports the Wall Street Journal.
And that's not counting credit card debt, which hit a new record of $1.13 trillion.
"This significant increase in debt underscores the critical need for resources and tools that can help address the root causes and effects of financial distress among American consumers," says Thomas Nitzsche, CEO of Money Management International, which has just launched a consumer distress dashboard.
Among its findings: The average amount of unsecured debt held by MMI's new clients is nearly $30,000, with an average monthly budget deficit of more than $300.
The demand for financial counseling has risen 54% over the same period last year.
New clients are now joining MMI's debt management plan at a rate not seen since 2012.
The average amount of student loan debt held by MMI's new clients is almost $20,000, with an average monthly budget deficit of more than $1,000.
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Environmental, social, and governance (ESG) investing has gained popularity in recent years as clients seek to align their investments with their values and promote positive change in the...more
Foundation: Marguerite Casey Foundation, Marguerite Casey Foundation, Rockefeller Philanthropy Advisors, Skoll Foundation, Target Foundation, Ford Foundation, Philadelphia Foundation, Rockefeller Foundation
"The US creative economy was most recently valued at over $1 trillion by the National Endowment for the Arts," per a press release, "even before considering film, fashion, video games, beauty, food,...more
The University of Utah's Wilkes Center for Climate Science and Policy has narrowed its list of finalists for its $500,000 Climate Launch Prize to seven. The goal of the prize, which is one of the...more
"Having a purposeful job actually does transform someone's life," says Edwin Walsh, who runs a social enterprise in Australia called Assembled Threads. "You actually are moving someone from...more
Canada is putting its money where its mouth is, with a $2.5 million investment in five projects in India meant to help the country's poor, the Toronto Star reports. "Many of these novel projects...more
"These figures underscore the vital role that creativity and culture play not only in enriching community life but also in driving economic development." So says the chair of Pennsylvania's...more
Foundation: Community Foundation of Southern Indiana
"When you see the kids interacting and them building communitythat's what it is," says Camp Quality Kentuckiana executive director Eddie Bobbitt. "It's bigger than fishing and pie fights." The...more
The Whitfield Education Foundation is holding its annual golf tournament Monday in Dalton, Ga., and it's using the event to raise money for teacher grants. The foundation's executive director,...more
Foundation: Community Giving Foundation
"There's one simple statement that we see a lotthat is 'be kind,'" said Kara Seesholtz, CEO of the Community Giving Foundation, after students from 15 school districts in central Pennsylvania handed...more
The Alzheimer's Association's Forget-Me-Not program has a new toy in its arsenal: fidget blankets. The Madison Hospital in Alabama has received a $2,500 grant from the Huntsville Hospital...more
Social Entrepreneurship
Spotlight
Social Enterprise Pushes Continuity of Care and Home Births
The Neighbourhood Midwives, the brainchild of Annie Francis of Hampshire, offers midwifery services geared for the continuity of care to women and their families.
