Housing
America Has Lower Household Debt, but Higher Personal Debt
Published:
Last Updated:
Data was taken from the New York Fed’s Consumer Credit Panel, a nationally representative random sample drawn from Equifax credit report data. All in all, total consumer indebtedness shrank by some $74 billion to $11.31 trillion and that represents a decline of 0.7% from the prior quarter.
Non-real estate household debt was shown in this report to have risen by 2.3% to $2.7 trillion due to a boost in student loans of $42 billion, auto loans with a gain of $18 billion, and credit card balances gaining by $2 billion. The total reduction in overall debt was attributed to a decrease in mortgage debt of $120 billion as well as a drop in home equity lines of credit of $16 billion. That drop in debt tied to housing was despite mortgage originations increasing for a fourth consecutive quarter.
Here are some highlights featured in the report:
JON C. OGG
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.