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Who Received Forbearance Relief?
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Americans are taking on more debt than they can handle, most of it going to mortgages
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Americans Are Taking On Debt As If Tomorrow Will Never Come
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Home loans drive up household debt
by Bloomberg
|
Today at 2:17 a.m.
U.S. household debt rose at the fastest pace since 2013 in the second quarter, driven by a mortgage boom as Americans took advantage of low borrowing costs and sought more space to work from home.
Household liabilities climbed $313 billion to $14.96 trillion as of the end of June, a 2.1% rise from three months earlier, the Federal Reserve Bank of New York said in a report published Tuesday.
Most of the increase came in mortgage balances. With the average 30-year rate declining in the period, millions of Americans with good credit took the opportunity to refinance and cut their monthly payments. About 44% of the country s entire $10.4 trillion stock of mortgages was originated in the 12 months through June, according to the New York Fed.
US household debt soared to nearly $15 trillion last quarter
By
Anneken Tappe, CNN Business
Published Aug 4, 2021 11:19:56 AM
enablePagination: false
(CNN) Americans have more debt than ever before.
A surge in credit card spending and home purchases caused US household debt to increase by $313 billion, or 2.1%, in the second quarter, according to the Federal Reserve Bank of New York.
That s the largest nominal jump since 2007 and the biggest percentage increase in seven and a half years.
In total, American consumers held $14.96 trillion in debt at the end of June the biggest pile of bills on record and $812 billion more than what was owed at the end of 2019, before the pandemic hit.