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)
