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Household Debt—How Much Money Does Everybody Owe? Q2 2019 Edition

Spencer White

This post originally appeared on The Basis Point: Household Debt—How Much Money Does Everybody Owe? Q2 2019 Edition

Every quarter, the Federal Reserve Bank of New York releases data on how much household debt Americans are accumulating. Here’s everything you need to know about American debt in Q2 2019.

TOTAL HOUSEHOLD DEBT, Q2 2019

– Total household debt level at $13.86 trillion, up 1.4% ($192 billion) from Q1

– 20th consecutive quarter with increase in debt

– Mortgage household debt rose by $162 billion in the second quarter to $9.4 trillion

– Total mortgage debt the highest it’s been since Q3 2008

– Mortgages and refis increased by $130 billion to $474 billion, the highest since Q3 2017

– $17 billion increase in auto loan balances

– $20 billion increase in credit card balances

– $8 billion decline in student loan balances

– 0.2% increase in 90-days-late credit card balances to 5.2%

– 0.1% fewer mortgages are delinquent—0.9% down from 1.0% in Q1

– Only 10.5% of mortgages in early delinquency (30-60 days late) transitioned to 90+ days delinquent, the lowest rate since 2005

– 232,000 bankruptcies in Q2 compared to 225,000 in Q1

– More student loans are severely derogatory (in danger of repossession or charge-off) than mortgages right now:


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Reference:

HOUSEHOLD DEBT AND CREDIT REPORT (Q2 2019) (Federal Reserve)

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