According to the New York Federal Reserve, 14% of the U.S. population lives in households that have “negative” wealth. In other words, these are households that have more debts piled up than assets, which puts their net worth in minus territory. In today’s chart, we compare the data on negative wealth households with the data on their positive counterparts. There are some obvious and stark contrasts.
The comments above and below are excerpts from an article by Jeff Desjardins (VisualCapitalist.com) which has been edited ([ ]) and abridged (…) to provide a faster and easier read.