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The amount of personal debt among U.S. adults has declined by 25% over the past three years. Among those with debt, the average amount excluding mortgage is $22,354, according to Northwestern Mutual's 2022 Planning & Progress Study.
"With inflation rising at the fastest pace since the 1980s, many Americans have seen their savings begin to erode and their debt levels rise in recent months," says Christian Mitchell, the company's executive vice president and chief customer officer. "It's a challenging time for consumers but the bright side is that many people have been chipping away at their debt for the last several years. It's a good reminder that a strong financial plan must factor in both what's happening now and what could be coming down the road."
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