US families are behind on bills at rate not seen since Great Recession of 2008
American families are struggling with debt obligations and falling behind on bills at rates not seen since the aftermath of the 2008 financial crisis. According to the Federal Reserve's Survey of Consumer Finances, the portion of families behind on loan payments jumped from about 12% in the prior survey period to nearly 20%. CBS News reports that more Americans are falling behind on debt payments as they are squeezed by inflation. The current wave of financial distress stands in stark contrast to the postpandemic gains experienced by older demographics, revealing a severe economic divide.
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- ✓ American families are struggling with debt obligations at levels unseen since the aftermath of the 2008 financial crisis.
- ✓ The portion of families behind on loan payments soared from about 12% in the prior survey period to nearly 20%.
- ✓ Americans 75 and older are the wealthiest age group.
What changed
The Federal Reserve released its Survey of Consumer Finances, revealing that nearly 20% of families are behind on loan payments.
Live updates
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US Families Falling Behind on Debt at Rates Last Seen in 2008
American families are struggling with debt obligations and falling behind on bills at rates not seen since the aftermath of the 2008 financial crisis. According to the Federal Reserve's Survey of Consumer Finances, the portion of families behind on loan payments jumped from about 12% in the prior survey period to nearly 20%. CBS News reports that more Americans are falling behind on debt payments as they are squeezed by inflation. The current wave of financial distress stands in stark contrast to the postpandemic gains experienced by older demographics, revealing a severe economic divide.
Why it matters
The Federal Reserve released its Survey of Consumer Finances, showing a surge in Americans falling behind on debt at the highest rate since the Great Recession era. The last time Americans lagged so far behind on bills, the unemployment rate was double its current level. Meanwhile, affluent and older Americans grew much richer in the postpandemic years, with Americans 75 and older emerging as the wealthiest age group.
What is confirmed
- American families are struggling with debt obligations at levels unseen since the aftermath of the 2008 financial crisis.
- The portion of families behind on loan payments soared from about 12% in the prior survey period to nearly 20%.
- Americans 75 and older are the wealthiest age group.
Still unconfirmed
- South Carolina is leading in foreclosures.
What to watch next
- Further economic data releases detailing household debt burdens and delinquency rates across different demographic groups.
confidence 95%Sources used for this update (9)
- WSJ — Affluent and Older Americans Got Much Richer in Postpandemic Years
- AP News — Americans 75 and older are wealthiest age group, Fed survey finds
- congress.net — Americans Falling Behind On Debt At Highest Rate Since Great ...
- Yahoo Finance — 'The baby boomers have arrived': How Americans over 75 got richer than other age groups
- CBS News — Squeezed by inflation, more Americans are falling behind on debt payments
- The Independent — US families are behind on bills at rate not seen since Great Recession of 2008
- USA Today — The average 50-something is now worth $1.5 million
- finance.yahoo.com — US families are behind on bills at rate not seen since Great ...
- charlestonhousingnews.com — US Families Are Behind on Bills at Rates Not Seen Since 2008 ...
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