ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Value of household debt in the U.S. 2022, by type Consumers in the United States had over 16 trillion dollars in debt as of the second quarter of 2022. The majority of that debt were home mortgages, at approximately 10.4 trillion U.S. dollars.

Detailed explanation-2: -Mortgage debt is the biggest type of consumer debt and has been increasing steadily since the Great Recession. This is because more people are buying homes and taking out mortgages than ever before. The mortgage debt has shot up by $250 billion in the first few months of 2022 and is now standing at $11.18 trillion.

Detailed explanation-3: -Most student loans-about 92%, according to a December 2021 report by MeasureOne, an academic data firm-are owned by the U.S. Department of Education. Total federal student loan borrowers: 43.5 million. Studentaid.gov.

Detailed explanation-4: -Houshold debt is defined as all liabilities of households (including non-profit institutions serving households) that require payments of interest or principal by households to the creditors at a fixed dates in the future.