The huge surge in total US household debt is now a record $12.96 trillion and a harbinger of recession, some analysts say.
The latest New York
quarterly Fed data paints a dire picture: US household debt has grown by
$605 billion in the past 12 months, with $116 billion, or nearly 1
percent, hitting in the latest quarter. Debt is mushrooming everywhere —
on mortgages, student loans, auto loans. Credit card debt, meanwhile,
has jumped by 3.1 percent in the latest quarter.. . . more