US Household Debt Hits Record USD19.1T as Delinquencies Climb
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MENAFNTotal borrowing climbed $334 billion from the prior quarter and $520 billion from a year earlier, the bank’s Quarterly Report on Household Debt and Credit showed.
Mortgages, the biggest slice of household debt, grew by $257 billion over the quarter to $13.37 trillion, a $302 billion increase on the year. Auto loan balances edged up $21 billion to $1.73 trillion, and student loan debt rose $5 billion to $1.66 trillion.
Credit card balances added $22 billion to reach $1.29 trillion, $52 billion higher than a year ago. Home equity lines of credit gained $23 billion to $481 billion, the sharpest quarterly rise since 2005.
Stress signals also edged higher. The share of household debt in some stage of delinquency rose 0.3 percentage points from the previous quarter to 5%.
The bank said new early delinquencies ticked up slightly for auto loans and mortgages but improved for credit cards. Movement into serious delinquency improved slightly for credit cards and student loans. Mortgages moved the other way, with transitions into serious delinquency worsening, though levels remained low by historical standards, the report showed.
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