Mortgage delinquencies surge, household debt hits record high in Q1

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Startling data from the NY Fed’s quarterly household debt report for Q1 reveals a concerning uptick in mortgage delinquencies, signaling potential economic distress. The total household debt skyrockets to a staggering $17.69 trillion, marking a significant $184 billion increase from Q4 ’23. More worrisome is the transition into delinquency across all loan types, hinting at broader financial instability. Notably, student loan delinquencies, though not reported until Q3, loom as a looming threat. This explosive rise in household debt poses a grave challenge to financial stability, warranting immediate attention and proactive measures.

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