«A slight decline in real - estate related balances, consistent with broader housing market developments, contributed to a flat quarter for total
outstanding household debt,» Donghoon Lee, senior economist at the New York Fed, said in a statement.
Outstanding household debt declined approximately $ 110 billion from the previous quarter, due in large part to a reduction in housing - related debt and credit card balances.
While the central bank is reluctant to raise rates too fast with $ 2.1 trillion in
outstanding household debt, increases are inevitable.
Accordingly, total
outstanding household debt — like mortgages, home - equity loans, credit cards, auto loans, and student loans — have progressively improved since the recession to $ 11.63 trillion.
Not exact matches
• Credit card delinquency rates remain low, at only 0.87 per cent of total
outstanding balances as of April 2016, while credit card
debt only makes up five per cent of total
household debt in Canada.
Furthermore, the overview it provides is limited to
outstanding balances and lacks important information on the origination, repayment, and delinquency status of
household debt.
Meanwhile, delinquency rates for each form of
household debt declined, with about 8.1 percent of
outstanding debt in some stage of delinquency, compared with 8.6 percent the previous quarter.
To obtain this figure, we looked at data reported by the Federal Reserve for
Outstanding Revolving
Debt - we then divided that number by the number of card - carrying
households each year.
Aggregate
household debt outstanding totaled $ 12.116 trillion in the fourth quarter of 2015, 2.4 %, $ 289 billion, greater than its level of one year ago.
According to ValuePenguin, * the average balance - carrying
household had more than $ 16,000 in
debt as of May 2016, with total
outstanding consumer
debt hitting $ 3.4 trillion, including $ 929 billion in revolving
debt.
The report said, on average, CAP clients»
outstanding debt equates to 96 per cent of annual
household income when they seek help.
Research by financial experts also say that large student loan payments can significantly hurt a young adult's ability to begin to accumulate wealth: «The median 2009 net worth for a
household without
outstanding student
debt was $ 117,700, nearly three times the $ 42,800 worth in a
household with
outstanding student
debt.»
At nearly $ 1.4 trillion in loans
outstanding, student
debt is now the second - largest source of
household debt (after housing) and is the only form of consumer
debt that continued to grow in the wake of the Great Recession.
In addition, as many as 35 % of
households have some form of delinquent
debt outstanding.
Outstanding debt per
household in the United States continues to hit all - time highs.
To obtain this figure, we looked at data reported by the Federal Reserve for
Outstanding Revolving
Debt - we then divided that number by the number of card - carrying
households each year.
In her article, she states that «Since then,
outstanding student loan
debt has surpassed the $ 1 trillion mark — making it the single - largest form of
household consumer
debt outside of home loans.»
Poor spending habits have led American consumers to carry $ 721 billion in
outstanding credit card balances, according to the Federal Reserve, and the average
household has nearly $ 133,000 in total
debt (including mortgages).
Information from the Pew Research Center and Federal Reserve that 58 percent of student loan
debt outstanding is held by
households with a net worth that is less than $ 8,500.
With interest rates on the rise, Moody's notes that mortgage - servicing costs are likely to climb because nearly half of
outstanding mortgages are due for interest rate renewals within a year, adding further strain on
households»
debt - servicing capacity.
As of this year, of the
households who have a credit card balance, the average amount of
debt is $ 15,956 per
household which equals total
outstanding balances of $ 609.8 billion nationwide.
The Federal Reserve Bank of New York, which issues quarterly reports on
household debt that include both private and federal student loans, estimates that about 11 percent of the balance of
outstanding student loans is at least 90 days delinquent.
There is now $ 1.5 trillion in student loan
debt outstanding with the average US
household student loan
debt balance standing at $ 46,000.
According to the most recent Survey of Consumer Finances, 37 % of
households headed by an adult under age 40 have
outstanding student
debt obligations (including loans in deferment as well as those currently being paid off), the highest share on record.
Among young
households headed by a college graduate, those with student
debt are more likely than non-student debtors to have
outstanding vehicle
debt (43 % vs. 27 %), significantly more likely to have credit card
debt (60 % vs. 39 %), and just as likely to have housing - related
debt (56 %).
Other nationally representative datasets possess information on the
outstanding student
debt owed by a
household or adult (for example, the Federal Reserve's Survey of Consumer Finances or the New York Federal Reserve Bank's Consumer Credit Panel).
In theory, a
household can liquidate its assets in order to pay off
outstanding debts.
About four - in - ten U.S.
households (37 %) headed by an adult younger than 40 currently have some student
debt — the highest share on record, with the median
outstanding student
debt load standing at about $ 13, ooo.
A «student debtor» refers to a
household owing
outstanding education - related installment
debt and includes loans that are currently in deferment as well as loans in their scheduled repayment period.
Among the college - educated, those with
outstanding student
debt are lagging far behind those who are
debt free in terms of
household wealth.
That
debt exceeds
outstanding credit card balances — and other forms of non-mortgage
household debt.
One common measure is the leverage ratio, a simple comparison of
outstanding debts to
household assets.
Even as younger
households were outpacing their elders in total
debt reduction, however, the
outstanding volume of student
debt rose over the course of the recession.
The typical or median amount owed on all
outstanding student loan balances is about $ 13,000 among young
households with such
debt.3 This comports closely with other recent student
debt figures.
The FRED series Household Sector: Liabilities: Household Credit Market
Debt Outstanding is now known as
Households and Nonprofit Organizations; Credit Market Instruments; Liability.
For instance, Senator Warren's proposal to refinance all
outstanding student loan
debt would have delivered benefits to
households without much regard for demonstrated need.
The sample used for this analysis was restricted to the set of
households that were making payment on their student loan
debts and earning at least some wage income.iii The survey includes a representative sample of all U.S.
households, so the
outstanding student loan
debt balance at the time of the survey reflects various points during the repayment period (in contrast to surveys which capture total
debt incurred).
Tally the approximate costs of your mortgage or other
outstanding debts, along with ongoing
household expenses.
The Fannie Mae executive added that total
outstanding mortgage
debt should rise to between $ 11 trillion and $ 14 trillion by 2010 from $ 5 trillion in 2000, as these newly created
households get mortgages for their homes.
In nominal terms, the
outstanding amount of mortgage
debt nationwide has not surpassed its housing - boom related peak and is a declining share of
households and nonprofits» aggregate balance.