Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Household debt in America just hit a new record of $140,000 per family in America.
Keep in mind that’s separate from your $280,000 share of the national debt. Or the half-million you owe in unfunded Social Security and Medicaid. All adding up to roughly five times the median net worth of American families.
The numbers come from the New York Fed, which reports that household debt hit a record $17.8 trillion, driven by rising mortgage balances, rising auto loans, and rising credit card debt.
For perspective, all the bank accounts in America hold about $23 trillion. Personal debt is at $18 trillion.
[Mortgage debt increased by $77 billion during the three-month period of April through June of this year, ending the latter month at $12.5 trillion.] HELOC…
