Outstanding household debt increased in the third quarter, rising by 0.5 percent to $12.35 trillion, the Federal Reserve Bank of New York said today. The $63 billion quarterly increase was driven by increases in auto loan, student loan and credit card debt, while overall mortgage balances edged down by $12 billion.
Overall delinquency rates worsened in the third quarter. Severe mortgage delinquencies improved, however, falling to 1.6 percent from 1.8 percent in the previous quarter. Overall outstanding debt 90 days or more delinquent held steady at 3.3 percent. Read more.