Smart Borrower Blog

Archive for February, 2020

Auto Loans Top Record $1.33 trillion

Feb 25th, 2020 @ 1:27 PM by Amber Nelson

The total amount of car loan debt hit a new record high in the 2019 fourth quarter, according to the New York Federal Reserve, but delinquencies are also on the rise. Total outstanding U.S. balances on auto loans and leases rose to $1.33 trillion during the last quarter of 2019, up almost 5% from the […]

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Household Debt Hits Record High $14 Trillion

Feb 19th, 2020 @ 3:17 PM by Amber Nelson

Americans now owe a total of $14.15 trillion in household debt, according to the Federal Reserve, the highest level ever recorded. Household debt grew by $601 billion in 2019, at the fastest pace since 2007, right before the financial crisis. “Mortgage originations, including refinances, increased significantly in the final quarter of 2019, with auto loan […]

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Corona Virus Fears Fuels Mini-Refinance Boom

Feb 12th, 2020 @ 11:31 AM by Amber Nelson

Global fears about the Corona Virus have pushed mortgage interest rates lower, which in turn has inspired many homeowners to refinance, according to the Mortgage Bankers Association. Refinance applications rose 5% for the week ended February 7, 2020, and they increased an astonishing 207% compared with a year ago. During the same time, the average […]

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Student Loan Debt Continues Record High Climb

Feb 5th, 2020 @ 10:56 AM by Amber Nelson

Total U.S. student loan debt has reached a new high of $1.56 trillion this year, according to data from the U.S. Department of Education. That debt load is spread out among 44.7 million borrowers, making for an average student loan debt of $32,731. College loan debt is now the second highest consumer debt category – […]

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