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$ 13 trillion of Americans' debt
16/08/2017
US debt hit a new record high in the second quarter of the year, outpacing the pre-crisis peak earlier this year due to modest increases in mortgages, auto loans and credit card debt, while defaults jumped.
A report released by the Bank of New York Federal Reserve said total US household debt was $ 12.84 trillion in the three months to June, up $ 552 billion from a year ago.
The ratio of outstanding debt to total debt was 4.8 percent, unchanged from the previous quarter. But the delay in paying off credit card debt "has increased markedly," the Reserve Bank of New York said.
The easing of lending standards has allowed low-credit borrowers to extract credit cards, said Andrew Haufaot, the bank's economist, in the report.
"The current state of credit card defaults could be an early indicator of a general trend in the future and we will closely monitor the degree to which this increase could be a harbinger of further financial insolvency for consumers," he said.
Mortgages reached $ 8.69 trillion in the second quarter, up $ 329 billion from a year ago, the report said. Student loans totaled 1.34 trillion dollars, an increase of 85 billion dollars and car loans of 1.19 trillion dollars, up 55 billion dollars.
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