Thursday , 28 March 2024

Tag Archives: Balances on home equity lines of credit

Record High American Debt Is A Recipe For Disaster! (+2K Views)

According to the just-released latest quarterly household debt and credit report by the NY Fed, Americans' debt rose to a new record high in the fourth quarter on the back of an increase in virtually every form of debt: from mortgage, to auto, student and credit card debt (although HELOCs posted a tiny decline). With interest rates on household credit rapidly rising, and with no savings to fall back on, this is a recipe for disaster.

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