Household debt hit a record high of $13.5 trillion last quarter
NBC NEWS / BATTLE FOR WORLD – November 17, 2018: The article highlights that the total debt shouldered by Americans has hit another record high, rising to $13.5 trillion in the last quarter, while an unusual jump in student-loan delinquencies could provide another signal that the nation’s economic expansion is growing old.
The article underlines that the total household debt is now $837 billion higher than its previous peak, which was in 2008 before the recession.
And that the flows of student debt has gone into serious delinquency — of 90 or more days — rose to 9.1 percent in the third quarter from 8.6 percent in the previous quarter, according to data released from the Federal Reserve Bank of New York.
The delinquency flows have been rising on auto debt since 2012 and on credit card debt since last year (2017), which could raise red flags for economists.
The world’s largest economy, the United States, has grown well above potential this year (2018) on the back of strong consumer spending and the lowest unemployment rate since the 1960s. If growth continues for another year it will be the longest ever.
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