The Federal Reserve Bank of New York just released two charts that show the trend of household debt.
The most alarming trend here is the rapid growth of student loan debt since 2004.
If we look at all debt and the types of loans that are 90+ days delinquent, you will see a big dip in student loan debt but that is artificially created by the CARES Act provisions that put federal student loan on hold until January 1, 2021, when it will be due again.
Both credit cards and auto loans are creeping up as well.
If you want to take a deep dive, read this.
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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