U.S. Household Debt Exceeds $14 Trillion for the First Time [View all]
Source: Yahoo
Americans increased their borrowing for the 22nd straight quarter as more households took out loans to buy homes or refinance existing mortgages, according to a report released today from the Federal Reserve Bank of New York.
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Total debt for people ages 18 to 29 rose to a record $1.04 trillion.
Student debt increased to $1.51 trillion from $1.46 trillion at the end of 2018. More than $100 billion in student debt is held by those age 60 and over. Auto loans rose to $1.33 trillion, while credit card debt rose to a record $930 billion.
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Almost 5% of auto loans are 90 days of more delinquent. This is the highest percentage since the third quarter of 2011.
Credit card delinquencies rose to 8.36% an 18-month high.
Read more: https://finance.yahoo.com/news/u-household-debt-exceeds-14-160303784.html
Meanwhile total U.S. debt as a percentage of GDP rose to 5.1% last year, the highest it's been since the end of the Republican Great Recession, up 34% from the previous year, which was up from the year before that. All under Republican fiscal policy, supposedly advertised fiscal conservative policy. NOT!
U.S. Deficit Soaring. Why?
https://www.democraticunderground.com/100212977780
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