US Household Debt Reaches Record High Despite Slowdown in Mortgage Demand.
TL;DR Summary
The Federal Reserve Bank of New York has reported that total household debt in the US has reached a new high of $14.56 trillion in the second quarter of 2020, driven by increases in mortgage, auto loan, and credit card debt. Despite a decrease in overall credit card balances, delinquency rates have increased, indicating financial stress for some households.
Topics:business#auto-loans#credit-cards#economy#federal-reserve-bank-of-new-york#household-debt#mortgages
- Total household debt reaches new high, Federal Reserve Bank of New York reports WLOS
- Consumer debt passes $17 trillion for the first time despite slide in mortgage demand CNBC
- New York Fed: Household debt rises by 0.9% in Q1, smallest gain in two years CNBC Television
- For first time ever, Americans carrying more than $17 trillion in debt WABC-TV
- Credit Card Payment Interest Rate: Balances Are Running High for US Consumers Bloomberg
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