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.
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SOURCE: CNBC, Kate Sprague and Robert Exley Jr.
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