US household debt in 2016 posts biggest jump in a decade – Breitbart

At $12.58 trillion at the end of the year, total household debt is less than one percent below the peak in the third quarter of 2008, just before the crisis erupted.

But the share of credit that is delinquent was 3.3 percent at the end of the year, well below the 8.5 percent rate of late 2008. 

And debt considered seriously delinquent, defined as being 90 days or more past due, was down to 3.3 percent from 5.1 percent.

“Debt held by Americans is approaching its previous peak, yet its composition today is vastly different as the growth in balances has been driven by non-housing debt,” said Wilbert van der Klaauw, senior vice president at the New York Fed.

Since reaching a post-crisis low point in mid-2013, “the rebound in household debt has been led by student debt and auto debt, with only sluggish growth in mortgage debt.”

Home mortgages still comprise about three-fourths of total household debt, and rose $231 billion last year. But the serious delinquency rate held steady at 1.6 percent in the second half of 2016, compared to 4.7 percent in the peak quarter.

http://www.breitbart.com/news/us-household-debt-in-2016-posts-biggest-jump-in-a-decade/

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