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American Household Debt Rises in 2016

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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


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