Posts Tagged ‘auto loans’

“According to data from Experian’s File One and Credit.com, Americans die with an average of $62,000 in debt… mortgage debt, credit card debt, auto loans, and more.

Some people think that when you die, your debt dies with you. But in most cases, that’s not true… That debt will need to be paid….

Creditors for secured debt – like mortgages – get first dibs on your estate. Once all that debt is paid off, anything remaining goes to unsecured debt… things like credit cards and medical bills.

Planning for your own death might be uncomfortable, but proper estate planning is important…. So make sure you’re thinking about everything you’ll leave behind… debts included.”

-Laura Bente

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  • Despite the long bull market, more Americans today have more debt than money in the bank than at any point since 1962, according to Deutsche Bank.
  • American household savings levels are at levels last seen in December 2007… right before the economy slipped into a recession that spurred the global financial crisis.
  • And total U.S. consumer debt – credit cards, auto loans, and student loans – just surged by the most in two years to $3.8 trillion.
  • And government debt is creeping toward a $1 trillion deficit per year. The national debt has topped $20 trillion.

 

If these folks can’t save or make their payments in a strong economy… how will they do it when interest rates go up and the next inevitable recession hits?

The answer is that they won’t.

-Steve Longenecker

“HOUSEHOLD DEBT AND CREDIT REPORT (Q1 2017)
Household Debt Reaches New Peak Driven by Gains in Mortgage, Auto, and Student Debt
The CMD’s latest Quarterly Report on Household Debt and Credit reveals that total household debt achieved a new peak in the first quarter of 2017, rising by $149 billion to $12.73 trillion—$50 billion above the previous peak reached in the third quarter of 2008. Balances climbed in several areas: mortgages, 1.7 percent; auto loans, 0.9 percent; and student loans, 2.6 percent. Credit card balances fell 1.9 percent this quarter.” -Federal Reserve Bank of New York