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US Household Debt Reaches Record High Despite Slowdown in Mortgage Creation and Inflationary Pressures.

1 min read
Source: CNBC
US Household Debt Reaches Record High Despite Slowdown in Mortgage Creation and Inflationary Pressures.
Photo: CNBC
TL;DR

Total consumer debt in the US has surpassed $17tn for the first time, despite a sharp decline in mortgage demand. The total for borrowing across all categories increased by nearly $150bn, or 0.9%, during Q1 2023, according to the New York Federal Reserve. New mortgage originations, including refinancings, totalled just $323.5bn, the lowest level since Q2 2014. The total was 35% lower than in Q4 2022 and 62% below the same period a year ago.

Topics:businessfinance#consumer-debt#delinquency-rates#finance#interest-rates#mortgage-demand#refinancing
Share this article
  1. Consumer debt passes $17 trillion for the first time despite slide in mortgage demand  CNBC
  2. Credit card debt set to hit $1T as chronic inflation crushes Americans  Fox Business
  3. NY Fed finds big slowdown in new mortgage creation in first quarter  Reuters
  4. US Households Show Signs of Stress as New Delinquencies Rise  Bloomberg
  5. New York Fed: Household debt rises by 0.9% in Q1, smallest gain in two years  CNBC Television

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