According to data from the NY Fed (illustrated for us by Statista), U.S. household debt climbed to a record high of $14.6 trillion at the end of 2020, with mortgage going above $10 trillion for the first time. They say this was driven mainly by a a record volume of mortgage originations, with households taking advantage of historically low rates to refinance. Either way, that’s a lot of debt. As always, stay safe and have a Happy Friday!
“…the high volume of refinances from super-prime borrowers has also contributed to historically low delinquency rates. With 96.8 percent of total household debt non-delinquent, the current situation is in sharp contrast to the end of 2009, when just 88 percent of consumer debt was non-delinquent.”