One major way U.S. credit card debt is getting worse
Source: marketwatch.com
Thursday, Aug 17, 2017 01:03 by InvestingPie

Americans are increasingly delinquent on their credit-card debt.

Credit-card delinquencies have increased in recent months, according to a new report released Tuesday by the New York Federal Reserve.

Some 4.4% of credit-card debt became newly delinquent in the second quarter of 2017, up from about 3.5% in the second quarter of 2016. This compares to rates between 8% and nearly 11% during the peak of the recession. “We will closely monitor the degree to which this uptick is predictive of further consumer distress,” said Andrew Haughwout, senior vice president at the New York Fed.

There were also modest increases in mortgage and auto debt in the second quarter of 2017, the New York Fed found. Total household debt now amounts to $12.84 trillion in the second quarter of 2017, up 0.9% since the first quarter. Mortgage debt increased 0.7% and auto debt increased 2%, compared to a 2.6% rise in credit card debt.

Total mortgage debt now amounts to $8.69 trillion, up $329 billion since last year. Auto loan debt now amounts to $1.19 trillion, up $87 billion since last year. And student loan debt amounts to $1.34 trillion, up $85 billion since last year.

[removed] var SA = SA || []; SA.push({ container: "#sa_calc_6227", version: 1.1, data: { key: "npqzoaaw8ttdneqrelpmx2gdnehdyiog" } }); var smscript = document.createElement('script'); smscript.type = 'text/javascript'; smscript.async = true; smscript.src = 'https://smartasset.com/snippet.js'; var s = document.getElementsByTagName('script')[0]; s[removed].insertBefore(smscript, s); [removed]
288 0
Comments
Search InvestingPie
Search
Share on Twitter Share on Facebook Share on Google Plus
New comments
Very informative
05-03 04:23 by Liam
The same day Trump spoke with Reynolds
01-29 04:43 by Yavor737347
More from InvestingPie
Advertise with us

Find out our advertising solutions. Our Team will be in touch with you with a program that suits your needs. Please contact us.