What have you always wondered about the economy? Tell Us

U.S. household debt approaches $12.6 trillion, close to 2008 record

Apr 5, 2017
HTML EMBED:
COPY

U.S. household debt approaches $12.6 trillion, close to 2008 record

Apr 5, 2017
HTML EMBED:
COPY

Current household debt in the U.S. is at just about $12.6 trillion, according to the Federal Reserve Bank of New York. That’s how much we’re all taking out in loans. It’s 1 percent shy of the 2008 record. Mortgages still make up the largest amount of that debt. But it’s a trillion dollars less than it was a decade ago. Student loan debt though? That’s increased 170 percent in 10 years as more people go to school and as higher education gets more expensive. That could hurt the ability of those students to do things like buy a home later in life. And there are some signs that may already be happening. 

Click the audio player above to hear the full story.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.