Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Americans continued to take on debt during the fourth quarter with total household debt balances increasing USD394 billion, a 2.4% increase from the prior quarter, as higher prices and interest rates drove an uptick of those in early delinquency, the Federal Reserve Bank of New York said Thursday.
Total household debt balances in America now stands at USD16.9 trillion, up USD2.75 trillion since the end of 2019. Credit card balances rose USD61billion in the fourth quarter to USD986 billion, as mortgage balances rose USD254 billion, representing almost two-thirds of the quarterly increase, and now stands at a total of USD11.92 trillion.
As borrower-level delinquency rates approach or surpass pre-Covid norms, the New York Fed researchers flagged young borrowers that are struggling to keep up with credit card and auto loan payments. There were 18.3 million borrowers behind on a credit card at the end of 2022 compared to 15.8 million at the end of 2019. "We're looking now at a delinquency rate that's rising in spite of a pretty strong labor market and so that in and of itself is a little bit of a concern," one researcher told reporters on a call.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.