Household Debt Rises Slightly in Second Quarter

Outstanding household debt increased in the second quarter, rising by 0.3 percent to $12.29 trillion, the Federal Reserve Bank of New York said yesterday. The $35 billion quarterly increase was driven by increases in auto loan and credit card debt.

Overall delinquency rates improved in the second quarter. Mortgage delinquencies fell to 1.8 percent from 2.1 percent in the previous quarter. Outstanding debt in some stage of delinquency improved to 4.8 percent from 5 percent in the previous quarter.