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Household debt hit a record high of $13.5 trillion last quarter Total household debt is now $837 billion higher than its previous Rate Topic: -----

#1 User is offline   MTP Reggie 

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  Posted 17 November 2018 - 12:52 PM

Household debt hit a record high of $13.5 trillion last quarter
Total household debt is now $837 billion higher than its previous peak, which was in 2008 before the recession
Nov. 16, 2018 / 12:10 PM CST
By Reuters
NBC

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The total debt shouldered by Americans has hit another record high, rising to $13.5 trillion in the last quarter, while an unusual jump in student-loan delinquencies could provide another signal that the nation's economic expansion is growing old. Flows of student debt into serious delinquency ?of 90 or more days ?rose to 9.1 percent in the third quarter from 8.6 percent in the previous quarter, according to data from the Federal Reserve Bank of New York. It was a reversal after a period of improvement for student debt, which totaled $1.4 trillion. Such delinquency flows have been rising on auto debt since 2012 and on credit card debt since last year, which could raise a red flag for economists.

The world's largest economy has grown well above potential this year on the back of strong consumer spending and the lowest unemployment rate since the 1960s. If growth continues for another year it will be the longest ever. Total household debt, driven by a $9.1 trillion in mortgages, is now $837 billion higher than its previous peak in 2008, just as the last recession took hold.

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#2 User is offline   Bookdoc 

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Posted 17 November 2018 - 08:56 PM

The only way that the student loan debacle will be fixed is to privatize it, allow bankruptcies, with the "learning institutions" responsible for half the losses and the banks the rest. That would make the lenders look harder at the applicant and what their educational plans are. It will also put the diploma mills out of business after they pay their share.
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