Delinquency rates have been creeping higher for certain loans in a sign some Americans are under growing financial stress as the total debt held by U.S. households continues to hit new highs. The Federal Reserve Bank of New York said Tuesday that household debt totaled $12.955 trillion last quarter, up 0.9% from the spring for a 13th straight quarterly increase. That was the most on record, though the figure wasn’t adjusted for inflation or population growth.
(This article requires a subscription to the Wall Street Journal. To subscribe, please click on the above link.
Comments are closed.