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Debt buyers, such as Encore Capital Group and Portfolio Recovery Associates, the two largest debt buyers, purchase "portfolios of defaulted consumer receivables from major banks, credit unions, and utility providers". [43] According to the Consumer Financial Protection Bureau, an official site of the United States government, they
U.S. consumer debt snapshot. Average loan balances grew for most types of consumer debt in 2023. Credit cards—the debt products with the highest average interest rates for consumers—grew the most.
The bond market has largely been dominated by the United States, which accounts for about 39% of the market. As of 2021, the size of the bond market (total debt outstanding) is estimated to be at $119 trillion worldwide and $46 trillion for the US market, according to the Securities Industry and Financial Markets Association (SIFMA). [1]
Debt held by the public, or the amount the U.S. owes to outside lenders after borrowing on financial markets, is already at about 100% of GDP, with that ratio soon expected to blow past the all ...
The 2011 S&P downgrade was the first time the US federal government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011.
"By 2034 debt service at 6% rates would consume 45% of all tax revenue; at 9% rates it would eat up 83%. The budget deficit would balloon from 6% of GDP to 11% or 18%, respectively," Gundlach ...
source: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, p.229, figure 11.4 Credit rating agencies came under scrutiny following the mortgage crisis for giving investment-grade, "money safe" ratings to securitized mortgages (in the form of securities known as mortgage-backed securities (MBS) and collateralized debt obligations ...
Household debt reached a record $17.29 trillion in the third quarter of 2023, according to the New York Federal Reserve. Excluding housing debt, the total was $4.8 trillion, up 6.4% from the same ...