FYI: On Tuesday the New York branch of the Federal Reserve released its quarterly assessment of consumer credit growth, which includes both mortgage and non-mortgage debt.
As shown in the chart below, growth of total outstanding balances is dominated by mortgage debt, which accounts for just shy of 68% of the total. Mortgage debt is rising 4.5% YoY, an entirely sustainable pace, while non-mortgage debt is only rising about 3.7% YoY. Home equity line of credit lending continues to collapse, dropping 7.6% YoY in Q2, while auto and credit card debt is rising around 4.7% YoY. Finally, student loan balances are rising 5.2% YoY, above the lowest levels of the past 15 years but near to them.
Regards,
Ted
https://www.bespokepremium.com/interactive/posts/think-big-blog/consumer-debt-update
