19Q2 marked the 20th consecutive quarter of increasing household debt. During the quarter, debt increased by $192 billion, to $13.86 trillion. Mortgage debt rose by $162 billion to $9.406 trillion, surpassing the previous high of $9.294 trillion in 08Q3. Total debt is now $1.2 trillion, or 9.3% higher than the previous peak of $12.68 trillion also set in 08Q3. Since 08Q3, GDP has grown by 42% and inflation by 17.6%.
Elliot F. Eisenberg, Ph.D.