American household debt hit an all-time high in the second quarter of 2017, with increases in every major category, from credit cards, to student loans, to mortgages.
According to the latest quarterly household debt and credit report by the Federal Reserve Bank of New York, aggregate household debt increased for the 12th consecutive quarter. It now sits at $12.84 trillion, a level $164 billion higher than the previous peak of $12.68 trillion set in the third quarter of 2008. The level of household indebtedness in the US now stands at 69% of US GDP.
No wonder US Global Investors CEO Frank Holmes calls debt ‘the mother of all bubbles.’
Credit card debt eclipsed a record set during the summer of 2008. Americans carry $1,021.7 billion of revolving debt. Overall, credit card balances went up $4.1 billion in the month of July alone.
This post was published at Schiffgold on AUGUST 16, 2017.
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