POST Online Media Lite Edition


U.S. household debt jumps to $12.58 trillion, near crisis-era record

Staff Writer |
U.S. household debt hit near an all-time high in the fourth quarter, reaching $12.58 trillion, a Federal Reserve Bank of New York survey showed.

Article continues below

Total debt was up $460 billion from a year ago and is now just 0.8 percent below an all-time peak of $12.68 trillion in the third quarter of 2008, before the worst of the financial crisis and deep recession.

But since the housing market-inspired meltdown, mortgages have accounted for a smaller share of overall loans.

"Since reaching a trough in mid-2013, the rebound in household debt has been led by student debt and auto debt, with only sluggish growth in mortgage debt," Wilbert van der Klaauw, a New York Fed senior vice president, said in the report.

Some 4.8 percent of the debt was in some stage of delinquency

Mortgage debt was $8.48 trillion at the end of the last quarter, up $231 billion from a year earlier.

Student loan debt stood at $1.31 trillion, up $78 billion from a year ago, while auto debt hit $1.16 trillion, rising $93 billion in a year.

What to read next

U.S. household debt rises to all-time highs of $12.73 trillion
UK household debt soars to £1.5 trillion
Household net worth rose to $94.8 trillion in first quarter 2017