US Household Debt Reaches Record High Despite Mortgage Demand Slide and Low Interest Rates.
TL;DR Summary
Despite the pandemic, Americans are still using credit cards to buy necessities as household debt hit a new record. Outstanding mortgage debt topped $12 trillion, student loan balances stood at $1.6 trillion, auto loans at $1.56 trillion, and balances on home equity lines of credit (HELOC) rose by $3 billion. Overall, thanks to inflation, debt balances are now $2.9 trillion higher than they were at the end of 2019.
- Inflation has pushed US household debt to a record $17 trillion Quartz
- Consumer debt passes $17 trillion for the first time despite slide in mortgage demand CNBC
- Total household debt reaches new high, Federal Reserve Bank of New York reports 13WHAM-TV
- Credit Card Payment Interest Rate: Balances Are Running High for US Consumers Bloomberg
- Household Debt as % of Disposable Income Fell to Good-Times Lows, on Much Higher Incomes Despite the OMG Headlines WOLF STREET
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