Non-Mortgage Debt a Potential Concern for Lenders

Posted To: MND NewsWire

Returning to economic normalcy apparently means that Americans are back into heavy-debt mode . Black Knight Financial Services said today that levels of non-mortgage debt at the end of April were at the highest levels in 10 years. The company looked at average overall non-mortgage debt of persons who hold a mortgage and at the components of that debt in the current issue of its Mortgage Monitor. The average debt level of those individuals is just about $24,800, up from $23,400 in April of last year. Non-mortgage debt hit a recent low in 2011, averaging $22,230, so the newer number is an increase of $2,600 in four years. By far the greatest contributor to the increase is auto debt. It accounts for 81 percent or $2,094 of the $2,600 increase and the share of mortgage holders who have auto debt…(read more)

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Source: Mortgage News Daily

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