When it comes to debt, it’s nice to be below average.
Do your credit card balances fall below the national mean of $16,000 for households with debt? Is your total household debt, including mortgages, shy of the $132,500 mark?
If so, good. Just how good depends on your income, savings, and other parts of your financial picture.
The household debt numbers, in a new Nerdwallet report, come as paying off debt is set to become more costly. The Federal Reserve on Wednesday raised U.S. interest rates for just the second time since they were cut to near zero in the wake of the 2008 financial crisis, and several more increases may lie ahead in the new year. Growth in four of eight major spending categories has outpaced growth in median...