Paying down debt is a priority for many savers

Paying down debt has been a priority for many adults as the economic recovery continues. According to a recent study, debt declined 20% since 2019. The report noted that adults hold an average debt of $23,325 (outside of mortgages). Workers are setting aside about one third of monthly income to pay off debt. Outside of mortgages, the top source of debt is credit cards (19%). Other sources were car loans, education loans, and home equity lines of credit. The survey, conducted in March, included more than 2,300 adults.

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