U.S. consumer debt default rate has risen to a five-year high, and the student loan default rate of 14.4% has reached a record high!
Consumer debt defaults in the United States are worsening.
On Wednesday, the New York Federal Reserve released its Quarterly Report on Household Debt and Credit, showing that total household debt increased by $197 billion in the third quarter, reaching $18.59 trillion.
Between July and September, the proportion of debt