Staggering Consumer Debt Nearing Recession Levels

Lately, it is showing that factory activity has been slowing and is near the level. debt and make sure you have a cushion of savings. The irony is that such advice, if widely adopted, could make a.

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Delinquency rates remain low across various asset classes thanks in large part to a strong labor market. And as a percentage of disposable income, household debt is near its average from 1990 to 2018. The big question is what will happen to consumer debt levels as the Fed continues to raise interest rates.

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 · In the last decade, non-mortgage consumer debt has increased to $4 trillion, a record even when adjusted for inflation. Americans owed an eye-popping $14 trillion to creditors in 2018 – an average of $144,100 for each household carrying at least one form of debt. Debt depresses individuals’ balance sheets, but not all of it is bad.

 · Consumer sentiment jumped to 102.4, well above the 97.5 that was forecast. This was a 15-year high in this University of Michigan index. In his podcast Friday, Peter Schiff said he thinks the reason consumers are so optimistic is the constant positive rhetoric they are bombarded with.

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“This new normal’, is a truly staggering. overall debt is reduced by more than is repaid. They must also pay bank fees to.

In November, U.S. consumer borrowing rose 8.8%, the biggest jump in more than two years, as Americans added $28 billion in auto, credit card, student, and other debt. It is truly staggering to see how much debt has been accumulated in the decade following the Great Recession.

The Fed’s monthly consumer credit report does not include data on credit card delinquencies, but as we reported last month, subprime credit card charge-offs remain at levels reminiscent of the Great Recession. In other words, borrowers at the lower end of the income scale are already having trouble making ends meet.