The total amount of debt of U.S. households increased in Q2, 2018, by $28 billion (3.5%), thus reaching a record high in the history - 13.3 trillion. dollars.
This is stated in the survey of the Federal Reserve Bank of New York, published on August 14, finance.ua reports.
In particular, the debts of Americans on credit cards rose to 289 billion dollars, on mortgages - up to 9 trillion dollars, the volume of student loans increased to 1.4 trillion dollars.
Also in Q2, a 13-year record volume of car loans – 151 billion dollars – was disbursed, the figure rose by 12 months to 48 billion dollars.
The debt of Americans is growing for 16 quarters in a row (mainly due to the increase in mortgage lending to the population) and is 65% of GDP.
The volume of debts has already exceeded the pre-crisis indicators.
Despite that, the Federal Reserve Bank said that the share of overdue education loans has significantly decreased, reflecting the improvement in the labor market situation and the popularity of various schemes of student debt repayment, based on the level of wages.
In August, 40 million poor Americans were reported to the UN. At the same time, new tax privileges for the rich, adopted by U.S. presidential administration may turn into a failure of social policy, as many programs to support low-income citizens will be called off.
