Increasing Debt Statistics Worth Considering
According to recent reports from the Treasury Department and the Federal Reserve Bank of New York:
-$22 trillion- The national debt hit a record high this week of $22 trillion, which equates to roughly $66,000 for every man, woman and child in the country.
-$13.5 trillion- Total household debt rose by $32 billion to $13.5 trillion, which is nearly 7% higher than its previous peak of $12.68 trillion in the third quarter of 2008.
-$9.1 trillion- Mortgage loan balance growth flattened to its lowest level in nearly four years to $9.1 trillion.
-$1.46 trillion- Student loan balances rose $15 billion to $1.46 trillion with more than a tenth of the loans considered seriously delinquent.
-$26 billion- Consumer credit card balances have climbed by $26 billion with a decline in the number of credit inquiries, which could be a signal for lower demand and consumer spending.
-7 million- As of the end of 2018, a record number of Americans were late by three months or more on their auto loan payments as auto loan delinquency rates rose 2.4% to over 7 million.
It is no secret that debt can be a harbinger of economic downturns. However, considering these are booming times, just how much more debt the economy can handle before shifts occur seems to be a moving target.