US Household Debt Surpasses $16 Trillion

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leonel said:
Because of your lack of understanding, you should not be involved in the financial market.
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Because of his lack of couth, that user is no longer involved with this forum (banned earlier this year).
 
ipatent said:
US Household Debt Surpasses $16 Trillion on Higher Mortgages

(Bloomberg) -- US household debt increased by 2% to $16.2 trillion in the second quarter, with mortgages, auto loans and credit-card balances all seeing sizable increases, according to a report by the New York Federal Reserve Bank.

The increase in borrowing, which equals to $312 billion over three months, reflected in part higher prices for homes and cars. Americans also are putting more on their credit cards to cover rising costs amid decades-high inflation.

The main driver was mortgage debt, which accounted for two-thirds of the rise last quarter. And the 13% jump in credit-card debt year-over-year was the sharpest gain in more than 20 years, the New York Fed said in its quarterly report on household debt and credit.

“While household balance sheets overall appear to be in a strong position, we are seeing rising delinquencies among subprime and low-income borrowers with rates approaching pre-pandemic levels,” said Joelle Scally, administrator of the Center for Microeconomic Data at the New York Fed.
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You are telling me I owe $46,285.71? I actually owe much more. :banghead:

But wait, total US household wealth is $152.49 trillion, so I am worth $435,685.67. I am rich! But I am worth a lot less. :banghead:
 
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