In 2016:
· 53% of adults spent more money than they made.
· Approximately 73 million adults in the U.S. reported they were “finding it difficult to get by” or were “just getting by” financially.
· Approximately 1/4 of adults were not able to pay all of their current month’s bills in full.
· Of adults with credit cards, 46% said they were carrying a balance.
Source:
“Report on the Economic Well-Being of U.S. Households in 2016.” Board of Governors of the Federal Reserve, May 2017,Web. 13 February 2018.
As of December 31, 2017:
· Household debt was up 17.9% over second quarter of 2013.
· 11% of aggregate student loan debt was 90+ days delinquent or in default.
· 4.1% of auto loans were 90+ days delinquents.
· 7.1% of credit card balances were 90+ days delinquent.
· 4.7% of outstanding debt was in some state of delinquency.
Source:
“Quarterly Report on Household Debt and Credit, Federal Reserve Bank of New York,.” NewYorkFed.gov. Federal Reserve Bank of New York Research and Statistics Group Microeconomic Studies, February 2018. Web. 13 February 2018.
During the 4th quarter of 2017:
· Approximately 200,000 consumers had bankruptcy added to their credit report.
· Approximately 70,000 consumers had a new foreclosure added to their credit report.
· Outstanding student loan debt grew to $1.38 trillion.
· Outstanding credit card balances increased by $26 trillion.
· Delinquent debt grew to $619 billion in the U.S. with $406 billion of that debt being more than 90 days past due.
Source:
“Quarterly Report on Household Debt and Credit, Federal Reserve Bank of New York,.” NewYorkFed.gov. Federal Reserve Bank of New York Research and Statistics Group Microeconomic Studies, February 2018. Web. 13 February 2018