US Household Debt Rises to $19.1 Trillion in Third Quarter as Delinquencies Increase
Summary
- US household debt rose to $19.1 trillion in the third quarter.
- Mortgage debt increased to $13.4 trillion, while credit-card debt climbed to $1.3 trillion.
- The overall household debt delinquency rate reached 5%, while the share of student loans that were more than 90 days delinquent stood at 10.9%.
Forecast Trend Report by Period
US household debt rose to $19.1 trillion in the third quarter, with mortgage and credit-card balances increasing and delinquency rates also moving higher.
The New York Fed said on Nov. 10 that household debt climbed by $334 billion from the previous quarter to $19.1 trillion in the third quarter.
Mortgage balances increased by $257 billion to $13.4 trillion. Credit-card debt rose by $22 billion to $1.3 trillion.
Household debt delinquencies also increased. As of the end of September, 5% of total household debt balances were delinquent.
For student loans, the share that was more than 90 days delinquent stood at 10.9%. The figures showed that as household debt expands, the burden of repaying those loans is also growing.
JH Kim
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