Tags: new york federal reserve | us | household | debt | rise

NY Fed: US Household Debt Continues Steady Rise

Image: NY Fed: US Household Debt Continues Steady Rise
(Getty Images)

By    |   Tuesday, 14 Nov 2017 07:14 PM

Household debt totaled a record-$12.96 trillion last quarter, breaking the record set in the previous three months, the Federal Reserve Bank of New York said Tuesday.

The debt rose $116 billion in the third quarter or 0.9 percent from the spring, $280 billion above the previous 2008 third quarter high, and 16.2 percent above the 2013 second quarter high.

Balances rose on mortgages by $52 billion from the second quarter of 2017, while credit-card debt rose by 3.1 percent. Home equity line of credit balances fell by 0.9 percent while auto loan debt rose 1.9 percent. Student loan debt also rose by 1 percent.

"Delinquency rates among auto finance lenders are considerably higher and rising, especially for subprime borrowers, in part reflecting differences in underwriting standards," said Wilbert van der Klaauw, senior vice president at the New York Fed.

The amount of delinquent debt — debt with payments more than 90 days late — rose slightly to 4.9 percent.

Mortgages make up more than two-thirds of overall household debt.

The New York Fed's quarterly report is based on data from the credit-ratings firm Equifax.

© 2017 Newsmax. All rights reserved.

   
1Like our page
2Share
Newsfront
Household debt totaled a record-$12.96 trillion last quarter, breaking the record set in the previous three months, the Federal Reserve Bank of New York said Tuesday.
new york federal reserve, us, household, debt, rise
182
2017-14-14
Tuesday, 14 Nov 2017 07:14 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved