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Household Debt Increases for First Time in Over Three Years
Household Debt Increases for First Time in Over Three Years
Household Debt Increases for First Time in Over Three Years
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November 12, 2012 (Chris Moore)

Total outstanding household debt rose for the first time in 14 quarters during the second quarter of 2012 as Americans continued to take on more consumer debt while still shedding their home mortgage debt according to the Federal Reserve’s latest Flow of Funds Report.

Total outstanding household debt increased from a revised $12,905.7 billion in the first quarter of 2012 to $12,945.1 billion in the second quarter, a gain of 39.4 billion. It was the first time in 14 quarters that total household debt has increased. Total debt peaked in the second quarter of 2008 at $13,809.0 billion and has been on a steady decline ever since.

The increase in debt was led by a $39.6 billion surge in consumer debt, the seventh consecutive quarter that Americans have increased their consumer debt.

Total outstanding consumer debt increased from $2,668.9 billion in the first quarter of 2012 to $2,708.5 billion by the end of the second quarter. Consumer debt had peaked in the second quarter of 2008 at $2.609 trillion and fell to a four year low in the third quarter of 2010 but has been on the rise every quarter since.

Total mortgage debt fell 0.5 percent from $9,640.7 billion in the first quarter to $9,589.7 billion in the second. The last time that total mortgage debt was that low was in the second quarter of 2006 when total mortgage debt stood at $9,492.3 billion. Household mortgage debt peaked at $10.629 trillion in the first quarter of 2008.

Household net worth, the difference between the value of assets and liabilities, was $62.7 trillion at the end of the second quarter of 2012, about $300 billion less than at the end of the first quarter.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

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NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools
Mortgage
Calculator
Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

November 12, 2012 (Chris Moore)

Total outstanding household debt rose for the first time in 14 quarters during the second quarter of 2012 as Americans continued to take on more consumer debt while still shedding their home mortgage debt according to the Federal Reserve’s latest Flow of Funds Report.

Total outstanding household debt increased from a revised $12,905.7 billion in the first quarter of 2012 to $12,945.1 billion in the second quarter, a gain of 39.4 billion. It was the first time in 14 quarters that total household debt has increased. Total debt peaked in the second quarter of 2008 at $13,809.0 billion and has been on a steady decline ever since.

The increase in debt was led by a $39.6 billion surge in consumer debt, the seventh consecutive quarter that Americans have increased their consumer debt.

Total outstanding consumer debt increased from $2,668.9 billion in the first quarter of 2012 to $2,708.5 billion by the end of the second quarter. Consumer debt had peaked in the second quarter of 2008 at $2.609 trillion and fell to a four year low in the third quarter of 2010 but has been on the rise every quarter since.

Total mortgage debt fell 0.5 percent from $9,640.7 billion in the first quarter to $9,589.7 billion in the second. The last time that total mortgage debt was that low was in the second quarter of 2006 when total mortgage debt stood at $9,492.3 billion. Household mortgage debt peaked at $10.629 trillion in the first quarter of 2008.

Household net worth, the difference between the value of assets and liabilities, was $62.7 trillion at the end of the second quarter of 2012, about $300 billion less than at the end of the first quarter.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

November 12, 2012 (Chris Moore)

Total outstanding household debt rose for the first time in 14 quarters during the second quarter of 2012 as Americans continued to take on more consumer debt while still shedding their home mortgage debt according to the Federal Reserve’s latest Flow of Funds Report.

Total outstanding household debt increased from a revised $12,905.7 billion in the first quarter of 2012 to $12,945.1 billion in the second quarter, a gain of 39.4 billion. It was the first time in 14 quarters that total household debt has increased. Total debt peaked in the second quarter of 2008 at $13,809.0 billion and has been on a steady decline ever since.

The increase in debt was led by a $39.6 billion surge in consumer debt, the seventh consecutive quarter that Americans have increased their consumer debt.

Total outstanding consumer debt increased from $2,668.9 billion in the first quarter of 2012 to $2,708.5 billion by the end of the second quarter. Consumer debt had peaked in the second quarter of 2008 at $2.609 trillion and fell to a four year low in the third quarter of 2010 but has been on the rise every quarter since.

Total mortgage debt fell 0.5 percent from $9,640.7 billion in the first quarter to $9,589.7 billion in the second. The last time that total mortgage debt was that low was in the second quarter of 2006 when total mortgage debt stood at $9,492.3 billion. Household mortgage debt peaked at $10.629 trillion in the first quarter of 2008.

Household net worth, the difference between the value of assets and liabilities, was $62.7 trillion at the end of the second quarter of 2012, about $300 billion less than at the end of the first quarter.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

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