U.S. household debt tops 2008 peak with $12.73 trillionStaff Writer | May 17, 2017
Total household debt climbed to $12.73 trillion in the first quarter to top the peak reached in 2008 before the housing market crash and severe economic downturn led to a historic reduction, according to government data released Wednesday.
America Americans are doing much better
Consumers were delinquent on 4.8% of total debt, a marked improvement from the 11.9% of debt that was at least 30 days late at the end of 2009.
Rising household debt — up from $12.58 trillion in the fourth quarter of last year — can indicate that Americans are confident in their jobs and the overall economy.
In the fourth quarter of 2008, total household debt hit $12.68 trillion. It took “an unusually long time from a historical perspective” for debt to get back to that level, Fed researchers said. ■