Brand new chart from the New York Fed showing the state of American household debt.
Besides the headline number, that Americans are carrying $11.38 trillion worth of debt, the story is that deleveraging continues, as this number is down from $11.44 trillion in Q1.
As you can see, the vast majority of debt is still mortgage debt, and comparing that to student debt (gold bar vs. red bar) you can see how small the “student loan bubble” is in the big picture.
Photo: New York Fed
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