Total U.S. household debt is now $993 billion higher than the peak of $12.68 trillion in the third quarter of 2008, according to a new report by the New York Fed.
According to the Fed’s Quarterly Report on Household Debt and Credit, household debt increased for the 19th consecutive quarter to $13.67 trillion and was “boosted by increases in mortgage, auto and student loan balances,” the report explained.
U.S. household debt hit an all-time high, with about $97 trillion in housing debt and about $4 trillion in non-housing debt. (Source: NY Fed)
Serious delinquencies — payments that are late by 90 days or more — are also on the rise, driven by credit cards and student loans.
Auto loan delinquencies, which millennials struggle with, also rose slightly.
finance.yahoo.com/news/student-loan-credit-card-delinquincies-144156981.html
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