Last week we reported that consumers are paying down their credit card debt. We also mentioned that mortgage debt and mortgage originations were on the rise. Today we are going to delve further into that phenomenon. Tim Ellis, a Senior…
Category: Consumer Debt (page 2)
Consumers Focus on Paying Down Debt
Housing takes, by far, the largest bite out of most consumers’ wallets, at least in this country. That’s followed by student debt, automobile loans and then, finally, credit card debt. And, according to the Federal Reserve Bank of New York’s…
Unemployment Begets Bad Debt
Chairman of the Federal Reserve, Jerome Powell, made some poignant remarks in a speech on Wednesday. What we found particularly disheartening was that: People who had a job in February and whose annual household income was less than $40,000 stood…
Debt and Delinquencies Up
Thanks to the New York Fed, we are getting our first glimpse into first quarter numbers, and it’s not a pretty sight. Household debt hit a new record at $14.3 trillion. That’s not a surprise; it’s been rising every quarter…
Shop Around for Student Loans
It Pays to Shop Around for Student Loans Topping the $1.5 trillion mark, student loan debt is now the second highest type of household debt (after mortgages) in the U.S. Along with the burgeoning growth of student debt is a…
Consumer Debt Reaches New High
Consumer Debt Reaches New Record High After five straight years of continued growth, U.S. consumer debt passed $14 trillion at the end of 2019, a new record high, according to the Federal Reserve Bank of New York (FRB). Consumer debt…
Consumer Debt Edging Up
Consumer Debt Increases at Community Banks Total loans and leases grew 4.6% at the nation’s banks during the 12 month period ending September 30, 2019. While Commercial and Industrial loan growth led the way at an annual rate of 6.3%,…