74733
US Household Debt at $12.84t
US Household Debt at $12.84t

US Household Debt at $12.84t

US Household Debt at $12.84t

There’s a scary little statistic buried beneath the US economy’s apparent stability: Consumer debt levels are now well above those seen before the Great Recession, Business Insider reported. As of June, US households were more than half a trillion dollars deeper in debt than they were a year earlier, according to the latest figures from the Federal Reserve. Total household debt now totals $12.84 trillion—also, incidentally, around two-thirds of gross domestic product. The proportion of overall debt that was delinquent in the second quarter was steady at 4.8%, but the New York Fed warned over transitions of credit card balances into delinquency, which “ticked up notably”. Unlike government debt, which can be rolled over continuously, consumer loans actually need to be paid back. And despite low official interest rates from the Federal Reserve, those often do not trickle down to many financial products like credit cards and small business loans. Michael Lebowitz, co-founder of market analysis firm 720 Global, says the US economy is already dangerously close to the edge.

 

Short URL : https://goo.gl/kdJtuk
  1. https://goo.gl/US8Xof
  • https://goo.gl/mNGFo9
  • https://goo.gl/vLXgkJ
  • https://goo.gl/9Gt4g2
  • https://goo.gl/DTBtFA

You can also read ...

Riyadh Going After  Non-Arrested Princes
Political analyst Jamal Khashoggi has said that Saudi Arabia...
Wage growth in Australia has fallen  dramatically in recent years.
The Reserve Bank of Australia says relentless cost cutting by...
No Sign Philippines Economy Overheating
The chief of the Bangko Sentral ng Pilipinas said the...
Shadow financing is seen as one of the culprits behind China’s property-price surge, and regulators have banned  private-equity lending to developers for land purchases.
China’s drive to reduce its debt burden has shifted into a...
China’s Tencent Overtakes Facebook in Market Value
China’s social media and video game giant Tencent overtook...
Confidence in Afghanistan’s Future Rising Slowly
Afghanistan’s economy is expected to grow 2.6% this year, up...
Malaysia Growth Robust
Malaysia’s economy should continue to grow at a decent pace...
The global economy is enjoying a strong and broad-based recovery, and will grow even faster in 2018.
The robust health of the global economy has received...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus