Staggering Consumer Debt Nearing Recession Levels

Americans are nearly as much in debt as they were at the peak of the trouble back in 2008. At face value, that fact sounds pretty alarming. Dangerous, even. But there’s little reason to fear.

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So total consumer debt was up 3.5 percent in October 2018 over the previous year, which is the most recent stats we’ve got as we record this in December. But that’s the lowest rate of growth in 30 years.

Consumer Debt Has Increased by 47% Since 2008 and It’s Reaching a Crisis Point. Surprisingly, just about every major type of credit has increased since the last recession. Student loans are up 146% even though the number of students attending college hasn’t increased. And auto loans are up 36%, according to the St. Louis Fed.

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Even with debt higher than it has ever been, the monthly cost of servicing that debt is near the lowest level in 35 years, meaning consumers can do it easily, according to Moody’s Analytics.

 · Even with debt higher than it has ever been, the monthly cost of servicing that debt is near the lowest level in 35 years, meaning consumers can do it easily, according to Moody’s Analytics.

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 · Consumer Tech Cybersecurity. With Personal Debt Levels High, Potential US Recession Could Spell Disaster For Homeowners. combined American credit card debt reached a staggering $931 billion.

(Source: "Household Debt And credit report (q2 2017)," Federal Reserve Bank of New York, last accessed November 7 2017.) First-Time Home Buyers Refrain from Buying. But don’t just stop here. There’s more evidence suggesting that American consumers are struggling and that the economy could be closing in on a recession.

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Anthony Chan, chief economist at Banc One Investment Advisors, released a study Tuesday showing that debt-service levels at the end of the latest U.S. recession. suggests the pace of consumer.