DEBT SURGES; HOUSEHOLD NET WORTH TUMBLES
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DEBT SURGES; HOUSEHOLD NET WORTH TUMBLES
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Debt surged and household net worth tumbled in the first three months of the year as the initial impact of the coronavirus pandemic hit, according to Federal Reserve data released Thursday.
Total domestic nonfinancial debt jumped by 11.7% to $55.9 trillion, the Fed said in its quarterly statement on domestic financial accounts. Debt had increased by 3.2% in Q4 of 2019.
The biggest debt gain come on the business side, rising 18.8%, while federal government debt also jumped 14.3%. Total federal debt recently passed $26 trillion.
Household debt rose 3.9% due in large part to an increase on the mortgage side of 3.2%. Consumer debt rose 1.6%.
The increases in debt and decrease in household worth came as the longest expansion in U.S. history came to an end. . .
(Excerpt from CNBC. Article by Jeff Cox)
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Father God, we ask humbly that in Your mercy and grace You will grant us the greatest economic turnaround this nation has ever experienced.
Thank You for causing people to realize how fragile and short our life is on this earth.
We pray that the wealth You have entrusted to Americans will be used to advance Your Kingdom and not for selfish or evil purposes.
In Jesus name we look to You for answers to our prayers. Amen.