🔔Andrew Arons and I discuss the impact ofthe Federal Reserve Bank of New York's latest findings on household debt for Q3 2023. Let's take a deep dive into what this means for us. If you're following the economy, managing debt, or just curious about the nation's financial health, this interview is crucial viewing. 📈 📝 Report Highlights:
- Total Household Debt: Skyrocketed to a staggering $17.29 trillion
- Mortgage Debt: Climbed by $126 billion, reaching $12.14 trillion
- Credit Card Debt: Jumped $48 billion, a 4.7% quarterly increase
- Student Loan Debt: Grew by $30 billion, now at $1.6 trillion
- Auto Loan Debt: Continues its upward trend, now at $1.6 trillion
💳 Delinquency Warnings: A worrying rise in delinquency rates for most debt types, with significant upticks in credit card repayment issues, especially among 30 to 39-year-olds. 🏠 Mortgages and Housing Debt: New mortgage originations dipped to $386 billion, yet the number of foreclosures remains low post-CARES Act. 🎓 Student Loans: Despite an increase, delinquencies are low due to current reporting policies, but this is an area to watch in the coming quarters. 🚗 Auto Loans: A sector that has seen persistent growth, with delinquencies on the rise - a sign to approach new auto loans cautiously. 💡 Key Takeaways:
- Debt continues to rise across the board with varying delinquency rates.
- Real estate and consumer spending are driving forces behind the debt surge.
- Credit health is wavering, particularly among specific age groups and debt types.
📊 Detailed Breakdown: We've got all the numbers laid out in an easy-to-understand format, showcasing quarterly and annual changes across different types of debt. 🔍 What’s Next? We're tackling the implications of these numbers and what they could mean for the economy, your personal finances, and the lending landscape. Visit Andrew at Synergy amg Visit Kerry at FSN