NY Fed: Household debt reaches new peak driven by gains in mortgage, auto, and student debt
|According to the Federal Reserve Banks of New York's Household Debt and Credit Report (Q1 2017):
- Total household indebtedness stood at $12.73 trillion as of March 31, 2017, marking a $149 billion or 1.2 percent increase from the fourth quarter of 2016. This increase put overall household debt $50 billion above its previous peak set in the third quarter of 2008 and 14.1 percent above the trough set in the second quarter of 2013.
- Mortgage balances, the largest component of household debt, reached $8.63 trillion as of March 31, a $147 billion uptick from the fourth quarter of 2016.
- Balances on home equity lines of credit fell slightly in the first quarter, down $17 billion to $456 billion.
- Non-housing debt saw mixed changes—an increase of $10 billion in auto loans and $34 billion in student loan balances, and a $15 billion drop in credit card balances.
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