Total household debt in the United States rose by $63 billion to $12.35 trillion, a 0.5 percent increase, during the third quarter of 2016 compared with second-quarter 2016. That’s according to the Federal Reserve Bank of New York, which issued its latest “Quarterly Report on Household Debt & Credit” Nov. 30.
Overall household debt is 2.6 percent below its peak of $12.68 trillion, which occurred in third-quarter 2008. Mortgage balances, the largest component of household debt, fell 0.1 percent decline during the quarter, but every kind of non-housing debt rose, the report said. Among them:
- Auto loan balances rose 2.9 percent.
- Credit card balances rose 2.5 percent.
- Student loan balances increased 1.6 percent.
Source: Federal Reserve Bank of New York Consumer Credit Panel/Equifax