Non-Mortgage Debt for Homeowners Reaches 10-Year High

Balancing The AccountNon-mortgage debt for homeowners has reached its highest level in more than 10 years according to a new report released by Black Knight Financial Services. The average borrower now carries $25,000 in debt, which is $1,400 more than last year and almost $2,600 more than in 2011. An increase in auto debt is largely responsible for the spike over the last four years. Student loan debt is also on the rise for homeowners. Fifteen percent of homeowners now have student loan debt with an average balance around $35,000. That average is 56 percent higher than the student loan debt homeowners carried in 2006.

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Image Source: Ken Teegardin