NY Federal Reserve Bank reports U.S. household debt exceeds $14 trillion
In February 2020, the Federal Reserve Bank of New York announced that U.S. household debt surpassed $14 trillion for the first time in American history. As of the end of 2019, national consumer debt is approximately $1.5 trillion higher than the previous high mark which was set in 2008. The Federal Reserve Bank’s quarterly household credit and debt report indicated that Americans have increased their rates of borrowing for 22 consecutive quarters. According to the Federal Reserve, total household debt balances rose $601 billion in 2019. Roughly $667 billion of the overall national debt is delinquent, including $424 billion that is seriously delinquent – meaning the debt is at least 90 days late. Americans have the majority of their debt contained within 4 sectors: automotive, credit cards, housing, and student loans. Mortgage borrowing totaled $9.56 trillion, up $120 billion from the previous year. Mortgage loans for young adults are at the highest level since 2007. The re