News

Student Delinquencies Up as U.S. Household Debt Hits Another Record - ABI

The total debt shouldered by Americans has hit another record high, rising to $13.5 trillion in the last quarter, as student-loan delinquencies jumped, Reuters reported. Flows of student debt into serious delinquency - of 90 or more days - rose to 9.1 percent in the third quarter from 8.6 percent in the previous quarter, the Federal Reserve Bank of New York reported on Friday. That propelled the biggest jump in the overall U.S. delinquency rate in seven years. Total household debt, driven by a $9.1 trillion in mortgages, is now $837 billion higher than its previous peak in 2008, just as the last recession took hold and brought on massive deleveraging across the United States. Indebtedness has risen steadily for more than four years and sits more than 21 percent above a trough in 2013. The $219 billion rise in total debt in the quarter ended September 30 was the biggest jump since 2016.

Back to News »