Staggering Consumer Debt Nearing Recession Levels

Staggering Consumer Debt Nearing Recession Levels

The reason for this is the concern that, like in the United States before the last recession, excessive household debt levels pose a greater risk to the economy than do higher interest rates. Canadian’s are knee deep in debt , with Statistics Canada reporting that the most recent household debt-to-income ratio reached 163.4% in the second.

The Fed’s monthly consumer credit report does not include data on credit card delinquencies, but as we reported last month, subprime credit card charge-offs remain at levels reminiscent of the Great Recession. In other words, borrowers at the lower end of the income scale are already having trouble making ends meet.

And what is going to happen when the economy goes into a recession? If people are already struggling to make their payments in this supposedly booming economy, what will happen when it crashes? Peter also pointed out that consumers normally pay off debts when the economy is strong. And yet consumer debt continues to climb.

And though consumers have deleveraged since the crisis, and the popular perception is that consumers are in much better shape today, consumers are in fact carrying 13 percent more debt as a percent of GDP than they were in 2000, the moment before the ill-fated private debt boom that led to the 2008 crisis began.

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Household Debt Rises to Pre-Great Recession Levels. Borrowing is back. Although consumer debt declined from its 2008 peak with the onset of the Great Recession, it has been rising steadily since 2014. Credit card, auto loan, and student loan debts have now all reached record levels.

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A staggering number of Americans now say they may miss a credit card payment this year. Consumer debt is at an all-time high.. per capita debt levels are up only 1.3% in the past.

Central bankers depend on easy money, credit to keep bubble economy inflated

Household Debt Near Recession Levels, But This Time’s Different. increased the likelihood of consumers spending on credit or borrowing to make big purchases.. both of which hit near pre.

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