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 ...
My wife and I are doing our best! Gotta keep that credit score under 700, so Brandon can’t increase my mortgage fees. lol
Where can I get the highest interest rates possible?
I want in on this, but I want to go in all thecway.
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!!
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.
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!
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.
We’re failing the debt system.
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.
Remember, always max out the credit cards just before filing for bankruptcy.
It means Americans are more credit-worthy than ever!
Congratulations on your mortgage pay-off progress. Final countdown!
$38k-you should pay it off now. Home owners have other assets.
Problem is it’s easier(smarter) to not pay it off.
No debt here.
But I will get to starve with all these spendthrift folks.
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.”
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.
I owe it all to going to work every day lol...
Bttt!!
That helps too.
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