My Investing Muse

From the New York Fed website : HOUSEHOLD DEBT AND CREDIT REPORT (Q2 2023) Household Debt Rises to $17.06 Trillion Led by Credit Card Balances Total household debt rose by $16 billion to reach $17.06 trillion in the second quarter of 2023, according to the latest Quarterly Report on Household Debt and Credit. Credit card balances saw brisk growth, rising by $45 billion to a series high of $1.03 trillion. Other balances, which include retail credit cards and other consumer loans, and auto loans increased by $15 billion and $20 billion, respectively. Student loan balances fell by $35 billion to reach $1.57 trillion, while mortgage balances were largely unchanged at $12.01 trillion. For more details: Report: Q2 2023 Blog: Credit Card Markets Head Back to Normal After Pandemic Pause Press Release: Total Household Debt Reaches $17.06 Trillion in Q2 2023; Credit Card Debt Hits One Trillion This was published by the New York Fed as of 8th Aug 2023.  Some of the extracts from the New York...

  My investing Muse Student loan suspension ends on 31 Aug 2023. Payment of the student loan resumes in September 2023. The total student loan stands at USD$1.757 trillion ~ USD$1,757,000,000,000. This was one of the items implemented as Covid19 containment and with repayment to resume, we can expect some troubles to follow. This is $1.757 trillion that stems from 45.3 million who owe an average of $28,950 per pax. Unfortunately, an estimated 10.8 million student loans are at risk of default. With an increase in the cost of living (from sticky inflation), this will doubtless add to the burden when repayment resumes in 3 months. However, there is an alarming 10.8 million loans facing default. This should add to the waves of financial turmoil in the market and the larger economy. screenshot from a CBS news  article  about the US hitting $1T credit card debt Will this plunge more into a debt crisis as America chalk up a record nearly $1 trillion of credit card debts? With th...