Americans owe $12.7 tn in debt, larger than China's economy
According to government data, Americans owed $12.7 trillion in debt in the first quarter, surpassing the previous peak in 2008 before the financial crisis. The debt owed is more than the size of China's economy or almost four times that of Germany's economy. The data also showed that 11% of educational debt was either 90-plus days overdue or in default.