Household Debt Hits Record High of $14.1 Trillion
Wednesday, February 12, 2020 | Tag Cloud Tags: debt, Federal Reserve, ISIS, News, Worthy News | Learn about our FREE SYNDICATION Service | Sign up for our Worthy Briefs!
(Worthy News) – U.S. household debt set a new record in the final quarter of 2019, the Federal Reserve Bank of New York said in a report on Tuesday, climbing to a historic peak of $14.1 trillion.
Total household debt balances grew by $601 billion in 2019, which is the largest annual gain since 2007, around the time of the onset of the global financial crisis.
According to a note from economists at the New York Fed, the bulk of the debt growth was driven by a large increase in mortgage debt balances, which rose by $433 billion last year. [ Source: Epoch Times (Read More…) ]
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.