{"id":1931955,"date":"2023-05-16T16:56:35","date_gmt":"2023-05-16T20:56:35","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/american-consumer-debt-hits-record-level-rises-nearly-3-trillion-since-lockdowns\/"},"modified":"2023-05-16T16:59:30","modified_gmt":"2023-05-16T20:59:30","slug":"american-consumer-debt-hits-record-level-rises-nearly-3-trillion-since-lockdowns","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/american-consumer-debt-hits-record-level-rises-nearly-3-trillion-since-lockdowns\/","title":{"rendered":"US Consumer Debt Reaches All-Time High, Surges by $3 Trillion During Lockdowns."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Famerican-consumer-debt-hits-record-level-rises-nearly-3-trillion-since-lockdowns%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1931955&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Household Debt in America: A Growing Concern<\/h2>\n<p>Americans are drowning in debt, with household debt reaching nearly $17.1 trillion, according to data released by the Federal Reserve Bank of New York. This is $2.9 trillion higher than before the lockdown-induced recession, and the numbers keep rising.<\/p>\n<h3>The Numbers Don&#8217;t Lie<\/h3>\n<ul>\n<li>Mortgage debt is the largest category of consumer loans maintained by households, now surpassing $12.0 trillion.<\/li>\n<li>Student and automotive debt are each $1.6 trillion, while credit card debt neared $1.0 trillion.<\/li>\n<li>Shares of mortgage debt in serious delinquency doubled from 0.3% to 0.6% over the past year, while automobile debt in serious delinquency rose from 1.6% to 2.3%, and credit card debt in serious delinquency rose from 3.0% to 4.6%.<\/li>\n<\/ul>\n<p>High mortgage rates, caused by actions from the Federal Reserve meant to combat inflation, have significantly decreased affordability for potential homebuyers in recent months. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-how-nebraska-has-the-lowest-unemployment-rate-in-the-nation-gov-pete-ricketts\/\" title=\"EXCLUSIVE: How Nebraska Has the Lowest Unemployment Rate in the Nation: Gov. Pete Ricketts\">30-year fixed mortgage rate<\/a> was below 3% in the two years after the lockdowns, according to data from government-backed mortgage company Freddie Mac, but the rate has risen to 6.4% as of last week, with the increases coming after the Federal Reserve hiked interest rates.<\/p>\n<h3>The Impact on Americans<\/h3>\n<p>Wage increases have failed to keep pace with inflation over the past two years, pressing consumers to finance more of their household expenditures with debt. The average age of cars and light-duty trucks on American roads has reached record levels as buyers likewise delay new purchases over elevated price levels and interest rates.<\/p>\n<p>Americans are more pessimistic about their finances than at any time since the Great Recession: half of the respondents in a February survey from Gallup said they are \u201cfinancially worse off\u201d compared to one year ago, while low-income Americans were the most likely to say they have less robust finances since last year.<\/p>\n<h3>The Bottom Line<\/h3>\n<p>As economic headwinds slow recovery from the recession and the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/american-consumer-debt-hits-record-level-rises-nearly-3-trillion-since-lockdowns\/\" title=\"US Consumer Debt Reaches All-Time High, Surges by  Trillion During Lockdowns.\">interest rate hikes decrease consumer demand<\/a>, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chicago-fed-economic-activity-index-unexpectedly-plunges-as-production-and-consumption-weaken\/\" title=\"Chicago Fed Economic Activity Index Unexpectedly Plunges as Production and Consumption Weaken\">economic growth declined<\/a> to a 1.1% annualized rate in the first quarter. It&#8217;s clear that household debt is a growing concern that needs to be addressed.<\/p>\n<p><a href=\"https:\/\/www.dailywire.com\/app\">CLICK HERE TO GET THE DAILY WIRE APP<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>American households hold $17.1tn in consumer debt, up $2.9tn from pre-pandemic levels, says the Federal Reserve Bank of New York. Household debt rose $1.2tn in Q1 2023 from the previous year. Mortgage debt, usually the largest component of household debt, rose by $282bn in Q1 2023.<\/p>\n","protected":false},"author":99,"featured_media":1931956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[12943,3833,5487,4596,4619,5810,4256],"class_list":["post-1931955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-all-time","tag-consumer","tag-debt","tag-high","tag-lockdowns","tag-reaches","tag-surges"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1931955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1931955"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1931955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1931956"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1931955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1931955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1931955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}