The Federal Reserve Bank of New York just released the newest Household Debt and Credit Report for the year ending December 31, 2013. America hit $11.52 TRILLION dollars in mortgage, student, car, credit card and HELOC loans. The 90+ day delinquency rate for school loans is 11.8% and climbing, for credit cards it’s 9.4%. Not only is debt climbing, so is our inability to pay. What does it all mean? According to Wilbert van der Klauww, VP and economist at the New York Fed “This quarter is the first time since before the Great Recession that household debt has increased over its year-ago levels suggesting that after a long period of deleveraging, households are borrowing again.” Continue reading
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