Staggering Consumer Debt Nearing Recession Levels

Between 1960 and 1984, the U.S. personal savings rate – which is savings as a percentage of disposable personal income – never fell below 8%. That level of national thrift is far out of reach today. In December 2017, the personal savings rate dropped to 2.4%, its lowest level since the debt-fueled boom of the mid-2000s.

That said, up until now, the cost of the staggering increases in notional consumer debt outstanding has been offset by lower interest rates. As a result, historically low rates have have kept the ratio of household debt service to disposable income levels near multi-decade lows. But rising rates could change all this in the very near future.

Bankruptcies are back – flashing warnings that more Americans are knee-deep in debt in big cities like New York. While total bankruptcy petitions nationwide by consumers and businesses are still well.

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But it’s nothing compared to the long bond, which in that scenario would lose a staggering 21%, meeting the usual definition of a bear market. Even if 30-year yields just rose back to the level.

America’s Impending Debt Crisis.. auto, and mortgage debt are at or near all-time highs.. as the economy stalls in the next recession, the debt-based crisis could morph into a banking and a.

The consumer debt figures include credit card debt, student loans and auto loans, but do not factor in mortgage debt. Americans charged up their credit cards in April. Revolving credit outstanding climbed by $7 billion, a 7.9% increase. It was the largest increase since November.

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And though Citi’s robust consumer business does soften the. appetites that Harte says have yet to return anywhere near pre.

The consumer debt figures include credit card debt, student loans and auto loans, but do not factor in mortgage debt. Americans charged up their credit cards in April. Born between 1981 and 1996, many members of this generation came of age during the Great Recession of 2007-2009. Jobs were. Household Debt Rises to Pre-Great Recession Levels.

Just to reiterate, every kind of debt in the U.S. is at a record high. The U.S. is likely in the very. The nation’s federal debt is projected to rise to "unprecedented levels" over the next 30 years, according to the latest projections from the Congressional Budget Office (CBO).