Staggering Consumer Debt Nearing Recession Levels
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Total consumer credit increased by $17.5 billion. That’s an annual growth rate of 5.2%. Americans currently owe nearly $4.07 trillion. The consumer debt figures include credit card debt, student loans and auto loans, but do not factor in mortgage debt. Americans charged up their credit cards in April.
Even in this low interest rate environment, there are some savings accounts earning near or above 2%. their debts after.
Between 1960 and 1984, the U.S. personal savings rate – which is savings as a percentage of disposable personal income – never fell below 8%. That level of national thrift is far out of reach today. In December 2017, the personal savings rate dropped to 2.4%, its lowest level since the debt-fueled boom of the mid-2000s.
Consumer Debt Has Increased by 47% Since 2008 and It’s Reaching a Crisis Point. Surprisingly, just about every major type of credit has increased since the last recession. Student loans are up 146% even though the number of students attending college hasn’t increased. And auto loans are up 36%, according to the St. Louis Fed.
· Currently, Americans carry over $1 trillion of credit card debt, and total consumer debt rose $10.3 billion in March, hitting a record-setting total of $4.05 trillion. In other words, Americans are loaded up on debt.
Amid housing slowdown, Southern California prices rise slightly in April Amid housing slowdown, Southern California prices rise. – The indolent Southern california housing marketplace showed signs of perking adult in April, as prices ticked adult one month after they fell for a initial time given 2012. Real estate organisation corelogic reported that a six-county median sales cost climbed 1.4% from a year progressing to $527,500.
Household Debt Rises to Pre-Great Recession Levels. Borrowing is back. Although consumer debt declined from its 2008 peak with the onset of the Great Recession, it has been rising steadily since 2014. Credit card, auto loan, and student loan debts have now all reached record levels.
1 Household Deleveraging and the Great Recession: Evidence from the Survey of Consumer Finances1 christopher brown2 kalpana khanal3 abstract: The 2007-2009 recession was preceded by a historically unprecedented buildup of mortgage and consumer debt. This paper uses microdata from the Survey of Consumer Finances to investigate, at a disaggregate level, the extent of
Well, on one level. today’s recession worries are driven by political uncertainty. We don’t know how much Trump’s trade.
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A recession means falling gross domestic product, and U.S. GDP is 68 percent consumer spending, so if the average American consumer is doing well, GDP is not likely to fall, at least in the near.