“U.S. Household Debt Exceeds $14 Trillion for the First Time”
February 12, 2020
“Total U.S. household debt rose by $601 billion in the fourth quarter from a year earlier, or 1.4%, surpassing $14 trillion for the first time, the New York Fed’s quarterly household credit and debt report showed. That’s $1.5 trillion above the previous peak in the third quarter of 2008. Overall household debt is now 26.8% above the second-quarter 2013 trough.
Mortgage borrowing rose by $120 billion to $9.56 trillion. The rate for a 30-year mortgage has fallen by about 100 basis points over the past year, adding to home purchasers’ buying power. For example, a $500,000, 30-year loan costs about $300 less per month…”
https://finance.yahoo.com/news/u-household-debt-exceeds-14-160303784.html
For potential homeowners let me give you some moving saving tips. First of all I don’t think it’s a good idea to ever go in debt unless there’s a way to leverage it. Second, building a home is cheaper than buying one. Third, buying a repossessed home is much more affordable than buying new. Forth start small and build on to your home.
Don’t try to keep up with the Jones. Most likely they’re drowning in debt. Don’t be like them. Be financially independent.