Americans' household debt continued its steady increase in the first quarter, hitting a new high of $17.69 trillion.
FILE - A customer uses the contactless payment chip in their Visa card to purchase gasoline at a station in Ridgeland, Miss., Thursday, July 1, 2021. Americans' household debt continued its steady increase in the first quarter, hitting a new high of $17.69 trillion.also showed credit card balances decreased by $14 billion to $1.12 trillion.
Student loan balances were effectively flat, the New York Fed said. Student debt decreased $6 billion to $1.6 trillion.The credit card delinquency rate has basically doubled in the past two years, and it's at its highest point in more than a decade.Bankrate’s own research has found that nearly half of credit card users carry debt, which can be a killer with near-record 20.66%If you have the average credit card balance and you only make minimum payments at the average credit card rate of 20.
Even the total household debt of $17.69 trillion isn’t as bad as it seems on the surface, according to WalletHub.Total debt actually decreased by 0.8% from the previous quarter when adjusting for inflation, according to WalletHub.The New York Fed said about 8.9% of credit card balances transitioned into delinquency.
The saving rate is a percentage of disposable income. So, the 3.2% now means Americans on average are only putting away about $3.20 per $100 of disposable income.
Household Debt Rossman New York Fed Debt Payoff Interest Rates Student Loan Balances Delinquency Rate
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