Estimated reading time: 0 minutes, 25 seconds

Mortgages Drive Sharpest Rise in Household Debt Since 2007

The Federal Reserve has revealed that sharp upticks in mortgage balances and credit card usage helped drive up household debt in the third quarter at the fastest clip in 15 years. So reports CNBC.

credit cards american express 89024 640 smallAccording to the Fed, total debt climbed by $351 billion in the three months ending September 30, the biggest nominal increase in any quarter since 2007, to a new all-time high of $16.5 trillion.

Mortgage balances were up $1 trillion from a year ago, to $11.7 trillion, despite a sharp drop in originations.

Read the full article from CNBC.

Read 83 times
Rate this item
(0 votes)

FOLLOW US

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.