{"id":30964,"date":"2018-02-13T17:25:05","date_gmt":"2018-02-13T22:25:05","guid":{"rendered":"http:\/\/olduvai.ca\/?p=30964"},"modified":"2018-02-13T17:25:05","modified_gmt":"2018-02-13T22:25:05","slug":"household-debt-rises-by-572-billion-ends-2017-at-all-time-high","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=30964","title":{"rendered":"Household Debt Rises By $572 Billion, Ends 2017 At All Time High"},"content":{"rendered":"
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Household Debt Rises By $572 Billion, Ends 2017 At All Time High<\/a><\/span><\/h3>\n<\/div>\n
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After we first reported last week\u00a0 <\/a>that US credit card, student and auto debt all hit record highs in December of 2017…<\/p>\n

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… it should not come as a surprise that according to the just released latest quarterly household debt and credit report\u00a0 <\/a>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).<\/p>\n

Aggregate household debt increased for the 14th straight quarter, rising by $193 billion (1.5%) to a new all time high<\/strong>, and as of December 31, 2017, total household indebtedness was $13.15 trillion, an increase of $572 billion from a year ago <\/strong>– the fifth consecutive year of increases – equivalent to 67% of US GDP, versus a high of around 87% in early 2009. After years of deleveraging in the wake of the 2007-09 recession, household debt has risen more than 18% since the trough hit in the spring of 2013.<\/p>\n

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Some more big picture trends:<\/p>\n