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American households now have an average of $10,170 credit card debt, as record numbers say they are worried about being cut off from access to loans. Data from the New York Federal Reserve shows nationwide credit card debt swelled by $43 billion in the second quarter of the year - the second largest increase on record. *** But some states are faring much worse than others as households in Hawaii have the highest debt currently, according to fresh analysis by WalletHub. Families in the Aloha state have $10,637 in credit card loans on average. It was followed by Alaska, California...

There’s no doubt that Joe Biden has overseen a record-setting presidency in multiple areas, but they aren’t the records that the talking heads at MSNBC and CNN like to mention. All of the records for illegal immigration have been shattered to pieces and, while it’s harder to measure, the “most transparent administration ever” could readily be said to have set new records in secrecy. But now yet another record has fallen after standing for a decade and a half. American household debt has reached a level not seen since the beginning of the arrival of the Obama administration in 2008....

A household debt crisis may be brewing in China as the government tries to boost sluggish consumption amid a domestic economic slowdown and trade war with the United States. China’s household debt had ballooned to 60.4 per cent of its gross domestic product (GDP) at the end of 2018, the People’s Bank of China (PBOC) said in its annual financial stability report last week. And for the first time, the household debt to income ratio hit 99.9 per cent, meaning that total debt is now roughly equal to total household income among the average Chinese household. “[Household debt growth] is...

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...

The total debt shouldered by Americans has hit another record high, rising to $13.5 trillion in the last quarter, while an unusual jump in student-loan delinquencies could provide another signal that the U.S. economic expansion is growing old. Flows of student debt into serious delinquency - of 90 or more days - rose to 9.1 percent in the third quarter from 8.6 percent in the previous quarter, the Federal Reserve Bank of New York reported on Friday. That propelled the biggest jump in the overall U.S. delinquency rate in seven years. Total household debt, driven by a $9.1 trillion in...

As the stock market soars to new highs, here's some sobering statistics to consider. The stock market is at an all-time high but Americans Owe More, Save Less, and are Poorer Than in Decades. Negative Wealth Percentage On the Rise Net Worth Going Nowhere Sobering Stats A greater share of Americans have more debt than money in the bank than at any point since 1962, according to Deutsche Bank economist Torsten Slok.30.4% of US families have negative net worth despite the recovery in housing and the stock market.Median net worth is below where it was in 1989. But perhaps the...

America has a debt problem. That shouldn’t come as a surprise. For as long as I can remember, we’ve had a debt problem. Americans have been endlessly told that debt is good. It builds good credit, and a little debt spending can help light a fire under the economy. According to the U.S. Debt Clock, the U.S. national debt has soared to $19.98 trillion, and it’s still climbing at a frightening pace. Approximately $20 trillion is more than a little debt spending, and the current administration is ready to whip out the White House credit card and spend at a...

For the first time ever, total credit card debt in the United States is approaching a trillion dollars. Instead of learning painful lessons from the last recession, Americans continue to make the same horrendous financial mistakes over and over again. In fact, U.S. consumers accumulated more new credit card debt during the 4th quarter of 2015 than they did during the years of 2009, 2010 and 2011 combined. That is absolutely insanity, because other than payday loans, credit card debt is just about the worst kind of debt that consumers could possibly go into. Extremely high rates of interest, combined...

WASHINGTON (MarketWatch) — Everyone knows America has too much debt. What they don’t know is that things are getting better, not worse. Little by little, our economy is reducing its debt burden, slowly repairing the damage caused by 10, 20 or 30 years of excess. If you want to know why economic growth has been so tepid, here’s your answer. Four years after the storm hit, the economy is still deleveraging. And it’s very hard for any economy to grow when everyone is focused on increasing their savings.

The prospects in the global real estate sector are “dismal,” with a downturn that could last eight years, the International Monetary Fund warned Wednesday. The IMF sees problems both in the “bust” countries, such as the United States, Spain and Ireland, and the “rebound” economies, such as the Asia-Pacific region, most Scandinavian countries, and Canada. In the United States, residential investment remains severely depressed compared with past cycles, which the report said could be partly explained by the pattern in house prices and outstanding household debt. Making matters worse, the U.S. states where the house price bust was more pronounced...

Australian households are in record levels of debt, and for the first time have surpassed American levels. Reserve bank figures show household debt - the combination of personal and mortgage debt - is equivalent to Australia's GDP. That means every adult owes an average of $74,000. Analysts warn that the financial crisis that rocked Main Street in America could well hit Australian families in 2010. Economics Professor Steve Keen at the University of Western Sydney says it is a sign that families are under financial stress. "We now have an enormous proportion of income that has to be devoted to...