Data from the New York Fed:

  • Consumer debt up 1.1% in Q3, the most since Q1 2008
  • Total consumer debt at $11.28 billion
  • Deliquency rate 7.4% vs 7.6%
  • Student debt hits $1.03 trillion, 90-day delinquency increased to 11.8%
  • 1.6% of US mortgages moved into delinquency in Q3, foreclosures at lowest since end of 2005

About $120 billion in delinquent student loans floating around. The debt virtually can’t be defaulted on so it will be a chain around the necks of young workers.