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Consumer debt passes $17T for first time
The Hill ^ | 05/15/2023 | STEPHEN NEUKAM

Posted on 05/15/2023 12:21:17 PM PDT by ChicagoConservative27

Total consumer debt rose to an all-time high in the first quarter of 2023, according to the Federal Reserve Bank of New York, with increases to mortgage balances, auto loans and student loans putting debt at a record level.

Consumer debt rose to over $17 trillion for the first time ever, according to the data released by the New York Fed. The total represented a $148 billion increase from the previous quarter and a $1.2 trillion surge from last year.

The rise in debt was spurred on by a $121 billion climb in mortgage balances in the U.S., bringing total mortgage debt to just over $12 trillion. It was the most substantial growth in any category.

(Excerpt) Read more at thehill.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: consumer; debt; debtlconsumer; donatedonaldtrump; donatefreerepublic; donatetrump; economy; passes; trillion
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Rev up those credit cards baby. Family needs a new four wheeler for the weekend!
1 posted on 05/15/2023 12:21:17 PM PDT by ChicagoConservative27
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To: ChicagoConservative27

My wife and I are doing our best! Gotta keep that credit score under 700, so Brandon can’t increase my mortgage fees. lol


2 posted on 05/15/2023 12:23:21 PM PDT by Night Hides Not (Remember the Alamo! Remember Goliad! Remember Gonzales! Come and Take It!)
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To: ChicagoConservative27

Where can I get the highest interest rates possible?
I want in on this, but I want to go in all thecway.


3 posted on 05/15/2023 12:23:30 PM PDT by Jonty30 (Let us celebrate Cinco de Mayo, the dance of five mayonaisses.)
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To: ChicagoConservative27

I owe 38K on my house... that is it!! hoping to have it paid off and when I die, I wont owe a dime to anyone!!


4 posted on 05/15/2023 12:24:14 PM PDT by sit-rep
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To: ChicagoConservative27

It’s about $12 trillion in mortgage debt, and about $5 trillion in other debt.

Everyone should take care to have a personal household budget. It’s all good as long as people have the income to repay these debts.


5 posted on 05/15/2023 12:25:22 PM PDT by Dilbert San Diego
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To: Jonty30

Limit the mortgage deduction to $200k. No one needs a million dollar home.

Watch home prices go down. Pell grants for college made tuition go up. Same with the interest deduction. Thank the parents for guilt trips on their kids. Next thing they might encourage sex changes-oh wait!


6 posted on 05/15/2023 12:27:40 PM PDT by DIRTYSECRET
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To: ChicagoConservative27
Is about 10% of that ($1.6 trillion) student loans for liberal indoctrination? https://www.nerdwallet.com/article/loans/student-loans/student-loan-debt
7 posted on 05/15/2023 12:27:41 PM PDT by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: ChicagoConservative27

Not to worry.

Biden will pass a law or eliminate that debt through a presidential edict, just like he promised to do with student loans. Can’t have people with long-term debt and not being able to carry on with their lives.


8 posted on 05/15/2023 12:28:37 PM PDT by adorno
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To: ChicagoConservative27

We’re failing the debt system.


9 posted on 05/15/2023 12:31:06 PM PDT by CatOwner (Don't expect anyone, even conservatives, to have your back when the SHTF in 2021 and beyond.)
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To: adorno

While we’re at it allow tax- free IRA withdrawals up to $100k to pay off mortgages or college loans of the grandkids.

Why let grandpa pay off the college loans when Biden can get the rest of us to do it? Good point.


10 posted on 05/15/2023 12:32:39 PM PDT by DIRTYSECRET
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To: ChicagoConservative27

Remember, always max out the credit cards just before filing for bankruptcy.


11 posted on 05/15/2023 12:32:45 PM PDT by glorgau
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To: ChicagoConservative27

It means Americans are more credit-worthy than ever!


12 posted on 05/15/2023 12:33:05 PM PDT by PGR88
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To: sit-rep
I owe 38K on my house... that is it!!

Congratulations on your mortgage pay-off progress. Final countdown!

13 posted on 05/15/2023 12:41:58 PM PDT by NautiNurse (Alvin Bragg: Giving Trumped-Up Charges a whole new meaning)
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To: NautiNurse

$38k-you should pay it off now. Home owners have other assets.

Problem is it’s easier(smarter) to not pay it off.


14 posted on 05/15/2023 12:46:38 PM PDT by DIRTYSECRET
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To: NautiNurse
indeed!! I could probably do it in a year if I wanted to, but since the world is opening back up officially Oct 1 this year, absolute 0 covid restrictions, I got some traveling to catch up on!! :P
15 posted on 05/15/2023 12:49:11 PM PDT by sit-rep
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To: ChicagoConservative27

No debt here.

But I will get to starve with all these spendthrift folks.


16 posted on 05/15/2023 1:04:27 PM PDT by Rurudyne (Standup Philosopher)
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To: sit-rep

I paid-off my house in 2016, and my car in 2021. It’s a nice feeling to be debt free. I owe it all to Ben Franklin, and his book, “The way to wealth.”


17 posted on 05/15/2023 1:16:13 PM PDT by EvilCapitalist (81 million votes my ass.)
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To: EvilCapitalist

I read the book “The Millionaire next door” about 20 years ago and am a follower of Dave Ramsey. House paid off. Cars paid off. Kids are grown and paying their own bills. Credit cards get paid off every month and I have a hell of an emergency fund. Hunkered down for the economic storm that is coming.


18 posted on 05/15/2023 1:18:24 PM PDT by Texas resident (We are living through Barak's fundamental transformation)
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To: EvilCapitalist

I owe it all to going to work every day lol...

Bttt!!


19 posted on 05/15/2023 1:20:18 PM PDT by sit-rep
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To: sit-rep

That helps too.


20 posted on 05/15/2023 1:59:39 PM PDT by EvilCapitalist (81 million votes my ass.)
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