Household Debt Rises in First Quarter

Outstanding household debt increased in the first quarter, rising by 1.1 percent to $12.25 trillion, the Federal Reserve Bank of New York said today. Growth in mortgage debt accounted for 88 percent of the $136 billion quarterly jump in outstanding debt. Meanwhile, student loan debt grew by 2.3 percent, auto loan balances grew by 0.7 percent, credit card debt fell by 2.8 percent and home equity line of credit balances fell by 0.4 percent.

Overall delinquency rates improved the first quarter; the aggregate 90-day delinquency rate edged down to 3.6 percent, and delinquencies in all loan categories improved or held steady in the fourth quarter. Delinquency rates dropped for mortgages, student loans and credit cards; held steady for HELOCs; and edged up for auto loans.