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Monday, August 17, 2015

New York Fed: Household Debt Up Slightly in Second Quarter

Outstanding household debt rose a very slight $2 billion in the second quarter — reaching $11.85 trillion — the Federal Reserve Bank of New York said today. Total outstanding debt remains 6.5 percent below its 2008 peak.

Mortgage debt and HELOC balances decreased in the first quarter, with mortgages falling by $55 billion to $8.12 trillion and HELOC debt dropping $11 billion to $499 billion. Non-mortgage debt increased in all categories — auto loans, student loans, credit card balances and other non-housing balances. Auto loan debt rose by nearly 4 percent, and auto loan originations hit a 10-year high.

Delinquency rates rose slightly for HELOCs, auto loans and student loans, with 11.5 percent of the latter balance more than 90 days delinquent. Delinquent mortgage loan balances declined, and credit card delinquencies held steady.

Read the NY Fed release.

Visit the new Banks and the Economy page.

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