Rinse & Repeat: Household Debt Running Close to 2008 Financial Crises Levels

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Rinse & Repeat: Household Debt Running Close to 2008 Financial Crises Levels

Feb, 24th 2017

Total household debt climbed to $12.58 trillion at the end of 2016, an increase of $266 billion from the third quarter, according to a report from the Federal Reserve Bank of New York.

For the year, household debt ballooned by $460 billion -- the largest increase in almost a decade.

That means the debt loads of Americans are flirting with 2008 levels, when total consumer debt reached a record high of $12.68 trillion.

Related: 6 painless ways to save thousands

Rising debt hints that banks are extending more credit.

Mortgage originations increased to the highest level since the Great Recession. Mortgage balances make up the bulk of household debt and ended...

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