Despite Record Surge In Subprime Car Loan Originations, US Household Debt Dropped In Q2: First Since COVID

Despite Record Surge In Subprime Car Loan Originations, US Household Debt Dropped In Q2: First Since COVID Something unprecedented happened in the second quarter: aggregate household debt balances declined by $13 billion, a 0.1% decline from Q1. Balances stood at $18.8 trillion, up $4.6 trillion since the end of 2019, just before the pandemic recession. But the reason why we say it was unprecedented, is that the Q2 drop was the first quarterly decline in total household debt since the second quarter of 2020, when the US economy was gripped by the covid lockdown shock leading to a historic deleveraging. In fact, the only time aggregate household debt slides is during and right after periods of financial or social crisis. And...

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