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U.S. Household Debt Exceeds $14 Trillion for the First Time

Published: February 12, 2020
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Source: cryptogon

<i>Until debt tear us apart by <a href='https://unsplash.com/@stri_khedonia'>Alice Pasqual</a> on <a href='https://unsplash.com/photos/Olki5QpHxts'>Unsplash</a></i>
Until debt tear us apart by Alice Pasqual on Unsplash

 

If you’re going to hit the wall, might as well light off the afterburner. YEEE HAAAAAAAA!

Via: Bloomberg:

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.

Total U.S. household debt rose by $601 billion in the fourth quarter from a year earlier, or 1.4%, surpassing $14 trillion for the first time, the New York Fed’s quarterly household credit and debt report showed. That’s $1.5 trillion above the previous peak in the third quarter of 2008. Overall household debt is now 26.8% above the second-quarter 2013 trough.

Mortgage borrowing rose by $120 billion to $9.56 trillion. The rate for a 30-year mortgage has fallen by about 100 basis points over the past year, adding to home purchasers’ buying power. For example, a $500,000, 30-year loan costs about $300 less per month.

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