American Households Reach Record Debt of $14 Trillion
- 4 years ago
American Households Reach Record Debt of $14 Trillion The figure comes from the
New York Federal Reserve and is
the result of a five-year upward trend. In 2019's fourth quarter,
the debt jumped by $193 billion. There was an increase of just over $600 billion year-over-year. The $14 trillion is also higher than 2008's peak of $12.7 trillion. The rise comes despite a
historically low unemployment rate in the U.S. Additional debt is also linked
to cheaper mortgages. Average rates on
30-year mortgages fell
past four percent in August. These mortgages in turn are caused
by low interest rates, which were
cut three times in 2019.
New York Federal Reserve and is
the result of a five-year upward trend. In 2019's fourth quarter,
the debt jumped by $193 billion. There was an increase of just over $600 billion year-over-year. The $14 trillion is also higher than 2008's peak of $12.7 trillion. The rise comes despite a
historically low unemployment rate in the U.S. Additional debt is also linked
to cheaper mortgages. Average rates on
30-year mortgages fell
past four percent in August. These mortgages in turn are caused
by low interest rates, which were
cut three times in 2019.