JUST IN…
Total US household debt rises by $148 billion in the first quarter of 2023, to a total of $17.05 trillion.
This is the first time in history that total US household debt has crossed $17 trillion.
Breakdown of the large categories:
1. Mortgage Debt: +$121 billion to $12.04 trillion
2. Auto Loans: +$10 billion to $1.56 trillion
3. Student Loans: +$9 billion to $1.60 trillion
4. Credit Card Debt: Unchanged at $986 billion
Debt levels continue to hit new records every quarter despite the fastest rising interest rates in history.
Consumers ran out of money and are using debt to "fight" inflation.
This is the first time in history that total US household debt has crossed $17 trillion.
Breakdown of the large categories:
1. Mortgage Debt: +$121 billion to $12.04 trillion
2. Auto Loans: +$10 billion to $1.56 trillion
3. Student Loans: +$9 billion to $1.60 trillion
4. Credit Card Debt: Unchanged at $986 billion
Debt levels continue to hit new records every quarter despite the fastest rising interest rates in history.
Consumers ran out of money and are using debt to "fight" inflation.
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Gilley : crazy
OptionStrengthViewer : What does that mean for the market
MarketMatt Channel OP OptionStrengthViewer : Warning… using credit wo having funds to pay for ur purchases
wolfofTennessee MarketMatt Channel OP : Bingo. Last year was a record year for the holidays but people put 78% on credit cards. Highest ever. They’re gonna have a hard time paying that with 24-28% interest. I have no clue what people are thinking.
MoneyComesMoneyStays : Just follow the example of the banana republicans, rack up a bunch of debt, take zero responsibility for it, demand that banks renegotiate your personal debt or you won't pay it.
wolfofTennessee MoneyComesMoneyStays : You’re blaming that on Republicans, lol.
Pepperoni Pete wolfofTennessee : I got an offer for 19% after 18 months with 2% cash back on all purchases. Soooo no interest for me
