Debt on Americans’ Loans Exceeded 14 Trillion Dollars for the First Time
OREANDA-NEWS. In 2019, the total debt of American households on loans grew by 601 billion dollars, or 1.4 %, and gained a record figure of 14.15 trillion. This follows from data published on the website of the Federal Reserve Bank of New York.
It is 1.5 trillion dollars more than in the third quarter of 2008, during the financial crisis. Debts have been growing for the 22nd quarter in a row.
Most of the total amount, 9.56 trillion dollars, is mortgage debts, over the year they grew by 433 billion. The debts for study amounted 1.51 trillion dollars, more than 100 billion are the debts of Americans over 60 years. Car loans and credit card debts grew by 57 billion (to 1.33 trillion) and 0.93 trillion dollars, respectively.According to Bloomberg agency, the total debt of people aged 18 to 29 years old rose to a record sum of 1.04 trillion dollars.