U.S. households carry record levels of debt but appear well positioned to manage the burden with wages increasing and tax bills falling this year, The Wall Street Journal reports, citing new data from the Federal Reserve Bank of New York.
Outstanding household debt rose by $193 billion to $13.15 trillion in the final three months of 2017, completing the fifth straight year overall balances increased. Total debt was the most on record, though the figure wasn’t adjusted for inflation or population growth.
People are mostly keeping up with their debt payments. The share of debt considered to be seriously delinquent, meaning payment is at least 90 days late, fell slightly to 3.12% in the fourth quarter from 3.19% the prior period.
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