Household Debt Climbs for 19th
Consecutive Quarter
The CMD’s
latest Quarterly Report on Household Debt and Credit reveals that
total household debt rose by $124 billion to reach $13.67 trillion in the first
quarter of 2019, an increase of 0.9 percent, compared to a rise of
0.2 percent in the fourth quarter of 2018. This past quarter, balances
climbed by 1.3 percent on mortgages, 0.5 percent on auto loans, and
2.0 percent on student loans, while total credit
card
balances fell by 2.5 percent.
Mortgage balances shown on consumer credit reports on
March 31 stood at $9.2 trillion, a $120 billion increase from
the fourth quarter of 2018.
Balances on home
equity lines of credit (HELOC) declined
modestly, by $6 billion, continuing their declining trend from 2009. HELOC
balances now stand at $406 billion.
Non-housing balances increased by $10 billion in the first quarter, with a
$6 billion increase in auto loan balances and a $29 billion increase
in student loan balances offset by a $22 billion decline in credit card balances, the latter decline consistent with seasonal patterns.
US consumers lowered
credit card and home equity lines of credit as they should do. Home mortgages are the only “good debt” and
this increased as it should. This may have an effect on lowering retail sales
as it should. Bravo!
Norb Leahy, Dunwoody
GA Tea Party Leader
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