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In 2020, Americans owed $1.5 trillion in outstanding student loan debt, second only to mortgage debt.
Homeownership is crucial step to building wealth. Home equity is Americans’ largest asset.
The housing finance system is essential to creating a robust and competitive consumer mortgage market.
A reverse mortgage is a loan secured by the value of a home. It does not require payments as long as the borrower lives in the home.
Small businesses are a foundational element of the American economy. There are 30.7 million small businesses in the U.S., and they employ 47 percent of all workers.
Older adults carry more consumer debt into their later years than ever before, including mortgage, credit card, and even student loan debt.
Debt collection cases increasingly dominate state civil court caseloads. Currently, debt collection is the most common type of civil case.
According to a 2020 National Foundation for Credit Counseling survey, 69 percent of Americans struggle to minimize their debt.
Personal bankruptcy is a legal process for people who cannot pay off their debts. The share of bankruptcy filings made by older adults has grown from 27 percent in 2002 to 48 percent in Q2 2022.
Traditional pensions largely have been replaced with 401(k)s and other retirement plans in which employees contribute to individual accounts.