America's Rising Debt Levels: A Closer Look by NY Fed
The NY Fed takes a closer look at the US rising debt levels:Total household debt up $212 billion to $17.5 trillion in fourth quarter of 2023Delinquency rates rose in Q4 2023 but remain below pre-pandemic level. Good news.3.1% of debt was in some type of delinquency during 4Q 2023Delinquency transition rates up for all borrowing types except student loansDelinquency transition rate for mortgages up but still historically lowMortgage balances up $112 billion in 4Q 2023 to $12.25 trillionCredit card balances up $50 billion to $1.13 trillion in 4Q 2023Auto loans up $12 billion to $1.61 trillion in 4Q 2023Student loans little changed in 4Q 2023 at $1.6 trillion This article was written by Greg Michalowski at www.forexlive.com.
The NY Fed takes a closer look at the US rising debt levels:
- Total household debt up $212 billion to $17.5 trillion in fourth quarter of 2023
- Delinquency rates rose in Q4 2023 but remain below pre-pandemic level. Good news.
- 3.1% of debt was in some type of delinquency during 4Q 2023
- Delinquency transition rates up for all borrowing types except student loans
- Delinquency transition rate for mortgages up but still historically low
- Mortgage balances up $112 billion in 4Q 2023 to $12.25 trillion
- Credit card balances up $50 billion to $1.13 trillion in 4Q 2023
- Auto loans up $12 billion to $1.61 trillion in 4Q 2023
- Student loans little changed in 4Q 2023 at $1.6 trillion