Americans are in More Debt Than Ever

Photo: Keith Srakocic / Associated Press

The average American has $38,000 in debt — a quarter of which comes directly from credit card charges. In December 2018, consumer debt overall hit a record high $4 trillion.

Experts say a significant amount of this debt can be explained by what they call “money disorders.”

Brad Klontz, author of “Mind Over Money” and co-founder of the Financial Psychology Institute, says that money disorders is an umbrella term for recurring and self-defeating issues that people have with money.

Click here to read more.

SOURCE: CNBC, Kate Sprague and Robert Exley Jr.