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Wednesday, March 22, 2023

Red flags emerge as U.S. household debt notches another record

Red flags emerge as U.S. household debt notches another record© Reuters. A view of single family homes for sale in San Marcos

NEW YORK (Reuters) – Some red flags emerged for the U.S. economy late last year as riskier borrowers drove home automobiles, credit card inquiries fell, and student-loan delinquencies remained high, according to a report that could signal a downturn is on the horizon.

The household debt and credit report, published Tuesday by the Federal Reserve Bank of New York, showed that the overall debt shouldered by Americans edged up to a record $13.5 trillion in the fourth quarter of 2018.

While mortgage debt, by far the largest slice, slipped for the first time in two years, other forms of borrowing rose including that of credit cards, which at $870 billion matched its pre-crisis peak in 2008.

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Source: Investing.com

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