NOVEMBER 29TH, 2018
Heading into the holiday season, debt is going to play a major role. According to the Fed’s Quarterly Report on Household Debt and Credit shows that debt remains on a sharp incline, with the following stats being the most prominent:
Mortgage debt increased by $141 billion during Q3
Total household debt rose by $219 billion in Q3, reaching $13.51 trillion overall, which is $837 billion more than the previous peak in 2008
Student loan debt is also on the rise, increasing by $37 billion in Q3
Credit card debt rose by $15 billion, pushing total CC debt to $844 billion
As you can see, some of these numbers are fairly staggering, and prove that US consumers need guidance and education by loan experts before they consider buying or refinancing. It is your responsibility to help your clients look at all aspects of their debts, show them how to budget in order to get out of debt, and how to leverage their equity to alleviate their debt burdens.