Household debt hits $13.6 trillion as student loan and credit card delinquencies rise

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Total U.S. household debt is now $993 billion higher than the peak of $12.68 trillion in the third quarter of 2008, according to a new report by the New York Fed.

According to the Fed’s Quarterly Report on Household Debt and Credit, household debt increased for the 19th consecutive quarter to $13.67 trillion and was “boosted by increases in mortgage, auto and student loan balances,” the report explained.

U.S. household debt hit an all-time high. (Source: NY Fed)

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U.S. household debt hit an all-time high, with about $97 trillion in housing debt and about $4 trillion in non-housing debt. (Source: NY Fed)

Serious delinquencies — payments that are late by 90 days or more — are also on the rise, driven by credit cards and student loans.

Auto loan delinquencies, which millennials struggle with, also rose slightly.


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