U.S. household debt climbed 1.1 percent during the third quarter as borrowing for mortgages, education, car purchases and on credit cards all increased, according to a Federal Reserve Bank of New York survey.
Suffering from a debt hangover for the past four years, Americans will resort to a time-honored cure -- hair of the dog that bit them. A pickup in borrowing will give the world’s biggest economy a much-needed boost next year as federal government austerity pinches growth.
At a time when many Americans are still overextended on their credit cards, straining to make their mortgage payments and weighed down with student loans, wealth manager Thomas Anderson is focused on a unique minority -- people who don’t have enough debt.
Internal Rabobank Groep e-mails cited in the U.S. Justice Department’s case against the bank show a culture where fixing benchmark interest rates had become an easygoing routine, one in which employees joked about rate rigging while telling each other they weren’t really that bad.