US household debt hits a new record high, reaching $18.59 trillion
Recent data from the US Federal Reserve showed that US household debt, including mortgages, car loans, credit cards, and student loans, rose to a new record level in the third quarter of this year, reflecting increasing financial pressures on families in light of the rising costs of living and interest rates.
According to the report, total household debt reached $18.59 trillion during the period from July to September, an increase of $197 billion over the previous quarter, while total debt has risen by about $4.4 trillion since the end of the year. In 2019, that is, before the beginning of the recession caused by the Corona pandemic, according to what was reported by ABC News.
Researchers at the Federal Reserve Bank of New York said that “the financial positions of American families remain largely strong,” but they indicated that there were “clear indicators of weakness among borrowers from younger age groups.”
The report indicated that student loan debt in the United States also set a new record, reaching $1.65 trillion, indicating that the percentage of defaulters rose significantly, as about 10% of these loans are delinquent by 90 days or more.
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