Are you feeling nostalgic for 2008? Perhaps not, but we are heading toward an unpleasant milestone set in 2008 – a record amount of household debt.
The New York Fed’s February 2017 Quarterly Report on Household Debt and Credit reports that our collective household debt has reached $12.58 trillion. At the current rate of increase, household debt should surpass the 2008 peak of $12.68 trillion sometime this year.
It’s not unreasonable to expect cumulative debt to rise over time even if interest were not considered, since the number of households in the U.S. expands every year. There were 125.82 million American households in 2016 compared to 116.78 in 2008. Even so, the overall trend line is cause for concern.
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