![]() ![]() ![]() You can connect with me via email, Twitter, and LinkedIn. I'm a graduate of Columbia Journalism School (M.S., 2014) and the University of the Witwatersrand in Johannesburg. I covered bonds and FX at Bloomberg News before joining BI in 2014. Before that I focused on BI's real-time markets coverage including stock moves, analyst commentary, earnings, and economic news. I was previously an investing correspondent, covering actionable advice and markets analysis sourced from Wall Street's most prominent investors. I am a deputy editor at Insider overseeing the Investing team for the Business division. ![]() Outstanding student loans - the largest source of debt besides mortgages - increased by $31 billion to $1.31 trillion.ĭelinquency rates were "roughly stable" in Q4, the New York Fed said, although late payments on car loans rose to a post-recession high. " So far banks have responded with a tightening in lending standards." ![]() "T he question from a macro perspective then becomes if the low-quality borrowers as a group are big enough to slow down the overall economic expansion," said Torsten Slok, Deutsche Bank's chief international economist, in a note on Friday. That was up from an average of 54% in 2015. About 58% of all new mortgages in 2016 were approved for people with credit scores above 760. In the fourth quarter, auto loan originations - appearances of new auto balances on consumer credit reports - increased by a record $142 billion.Ī greater share of mortgages and auto loans was granted to higher-quality borrowers. Last year saw a sharp rise in new auto loans, helping carmakers post a record period of sales. Mortgage originations in the fourth quarter totaled $617 billion. That lifted household debt just 0.8% below the peak reached in the third quarter of 2008 as the US economy was mired in recession.Īccording to the report, Americans borrowed the most money since the recession to pay for new houses or to refinance their mortgages. Total debt increased by 1.8%, or $226 billion, in Q4. Household debt totaled $12.58 trillion as of December 31, 2016, according to the New York Fed's latest quarterly report on credit. It often indicates a user profile.Īmericans' debt balances rose "substantially" in the final quarter of 2016, according to the Federal Reserve Bank of New York. Account icon An icon in the shape of a person's head and shoulders. ![]()
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