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Household Debt Rises to $13.3 Trillion in Q2 2018

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Debt Stats:*

American’s borrowing $13.29 Trillion, up $454 Billion for last year; 16 consecutive Quarter of increases
Consumer Debt $618 billion higher than previous peak of 12.68 trillion in 3rd Q 08

Breakdown of Debts:

  • Student loans – $1.41 trillion – up $61 billion from a prior year
  • Auto – $1.24 trillion, up $58 billion from a prior year
  • Credit Card – $829 billion, up $45 billion from a year earlier
  • Mortgage -$9 trillion, up $308 billion from a year ago.

Summary:

  • Growth in home, auto, student and credit loans linked with solid labor market
  • However, the rise in debt did not make it harder for borrowers to meet their monthly payments
  • Rate on seriously delinquent loans (90 days + in arrears) was 2.3% – same as prior quarter

* (as reported by Richard Leon – Consumer Bankruptcy News)