{"id":135798,"date":"2024-08-19T16:00:29","date_gmt":"2024-08-19T13:00:29","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=135798"},"modified":"2024-08-19T10:28:24","modified_gmt":"2024-08-19T07:28:24","slug":"us-household-debt-hits-record-high-amid-slowing-consumer-spending","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/us-household-debt-hits-record-high-amid-slowing-consumer-spending\/","title":{"rendered":"US Household Debt Hits Record High Amid Slowing Consumer Spending"},"content":{"rendered":"<p>A recent <strong><a href=\"https:\/\/www.newyorkfed.org\/newsevents\/news\/research\/2024\/20240806\" target=\"_blank\" rel=\"nofollow\">report<\/a><\/strong> from the New York Federal Reserve reveals that US credit card debt has surged to a record $1.14 trillion. Overall, household debt\u2014including student loans, mortgages, credit cards, and home equity lines\u2014has reached historical highs.<\/p>\n<p>The Fed\u2019s report highlights a significant increase in aggregate household debt, which rose by $109 billion in Q2 2024, bringing the total to $17.80 trillion. This marks an increase of $3.7 trillion since the end of 2019, prior to the pandemic\u2019s economic impact.<\/p>\n<p>Additionally, the Fed notes a slight rise in delinquency rates for credit cards, auto loans, and mortgages, with approximately 4.9% of consumers having a third-party collection account.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/u-s-banks-exposed-to-potential-financial-crisis-report-finds\/\" title=\"U.S. Banks Exposed to Potential Financial Crisis, Report Finds\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2023\/03\/bank-1-915x600-2-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">U.S. Banks Exposed to Potential Financial Crisis, Report Finds<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Bank of America CEO John Moynihan has also commented on the situation, revealing that consumer spending has slowed dramatically. According to Moynihan, spending growth for the bank\u2019s 60 million customers has dropped to just 3% in July and August, half the rate compared to the previous year. He suggests that while consumers are still employed and have funds in their accounts, their spending has significantly decreased.<\/p>\n<p>Moynihan advises that the Federal Reserve must tread carefully to avoid excessively curbing economic growth, noting that current consumer spending levels are comparable to those from 2017 to 2019, reflecting a more stable economic environment with lower inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Americans are carrying unprecedented levels of household debt, and one of the nation&#8217;s leading banks has issued a warning about a potential decline in consumer strength.<\/p>\n","protected":false},"author":3,"featured_media":83744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[60],"tags":[],"class_list":["post-135798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Household Debt Hits Record High Amid Slowing Consumer Spending<\/title>\n<meta name=\"description\" content=\"Americans are carrying unprecedented levels of household debt, and one of the nation&#039;s leading banks has issued a warning about a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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