Orlando, FL (PRWEB) March 27, 2013
A new report by Responsiblelending.org, based on data from the Census Bureau, shows that while the share of overall household debt in the U.S. fell from 74 percent to 69 percent over the last decade, the median debt load went up from $50,971 to $70,000 over that period.
The report shows that the households that took the biggest hit were those led by people 35 to 44 years old. Those households owned a median of $108,000 of debt.
Also shouldering a lot of extra debt were seniors. According to the report, the median senior debt doubled to $26,000 due to a boost in this groups housing debt. Experts have seen this debt shift coming.
"We've known for five-plus years that seniors are falling into debt, and it's very troubling," said personal finance expert Lynnette Khalfani-Cox. "Most of us have this idealized concept of riding into the sunset with a paid-off house. Unfortunately, that isn't the case."
This debt redistribution has been fueled by unsecured debt such as student loans and medical costs, which rose eight percent from 11 to 19.
The data shows that while fewer Americans are in debt, those who are in debt owe more--suggesting that debt is not going away, just shifting to fewer people.
As unsecured debt spikes, Americans are resorting to non-conventional secured loans like those offered by Orlando Auto Equity Loans. These loans are secured by the value of an owned vehicle.
A separate report by Responsiblelending.org shows that 7,730 car title lenders operate in at least 21 states and issues $1.6 billion in loans annually.
The debt shift in the United States, mixed with a spike in unsecured debt, has created a $3.6 billion auto equity loan industry as more Americans seek out extra funds from non-traditional sources. Orlando Auto Equity Loans provides secure, low-interest loans to those who are facing financial hardship, ensuring that they can take care of their urgent financial needs without going to extreme measures to do so.