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Home Investment NewsReal Estate Investing Non-revolving and revolving debt growth rates are declining

Non-revolving and revolving debt growth rates are declining

by xyonent
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Citing data from the Federal Reserve’s G.19 Consumer Credit Report, According to the NAHB housing survey: Total U.S. outstanding debt was $5.05 trillion in Q1 2024, growing at an annualized rate of 1.86% (SA). From Q1 2023 to Q1 2024, the total was reported to have increased by 2.09%. This is lower than the 6.67% year-over-year increase from Q1 2022 to Q1 2023 and the 6.51% year-over-year increase from Q1 2021 to Q1 2022.

Additionally, the percentage of non-revolving debt in the U.S. total outstanding debt in Q1 2024 is 73.47%, while revolving debt is 26.53%. Non-revolving debt, consisting primarily of student and auto loans, will reach $3.71 trillion (SA) in Q1 2024. Revolving debt, consisting primarily of credit card debt, will reach $1.34 trillion.

“Both non-revolving and revolving debt have slowed since pandemic-era household savings declined. In terms of year-over-year growth rates, both non-revolving and revolving debt peaked in the fourth quarter of 2022…”

To read the full report on NAHB’s Eye on Housing, click here.

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