Staggering Consumer Debt Nearing Recession Levels

Consumer Financial Protection Bureau, where I lead the Bureau’s Office f or Students and Young Consumers. Staggering growth in student debt . At this point, you have probably heard the numbers, but I think they are worth repeating. As I sit before you today, more than 44 million consumers across the country collectively owe over $1.4

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There is no doubt consumer debt levels have worsened. As we discuss in the podcast, Canadians added 3.5% more to total household debt in 2018. The debt-to-income ratio, an often-watched metric, was restated by Statistics Canada and seasonally adjusted, with the result being that Canadians now owe $1.78 for every dollar of income they earn.

The subprime mortgage crisis combined with credit card debt restrictions curtailed debt as a source of funds. High unemployment cut back on wages. Many people have never caught up. As a result, consumer spending may not recover to pre-recession levels.

The mighty American consumer. A recession means falling gross domestic product, and U.S. GDP is 68 percent consumer spending, so if the average American consumer is doing well, GDP is not likely to.

That said, up until now, the cost of the staggering increases in notional consumer debt outstanding has been offset by lower interest rates. As a result, historically low rates have have kept the ratio of household debt service to disposable income levels

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America’s Impending Debt Crisis.. auto, and mortgage debt are at or near all-time highs.. as the economy stalls in the next recession, the debt-based crisis could morph into a banking and a.

This, combined with more resilient performance of consumer spending, implies that the economy should avoid a technical.

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Here’s the real reason why Americans owe more money now than at the start of the Great Recession: Student loan debt has increased by a staggering 144% over the past decade thanks to soaring college tuition rates. In fact, excluding student loan debt, Americans’ overall indebtedness would have actually dropped by about $300 billion since then.

A recession means falling gross domestic product, and U.S. GDP is 68 percent consumer spending, so if the average American consumer is doing well, GDP is not likely to fall, at least in the near.