N.Y. Fed: Household Debt Nears New Record of $13 Trillion

Outstanding household debt increased by 0.9 percent in the third quarter, rising by $116 billion to total $12.96 trillion, the Federal Reserve Bank of New York said today. The quarterly increase set a new record and is now 16.2 percent higher than its most recent low point in 2013.

In the third quarter, credit card balances grew by 3.8 percent to $810 billion, while auto loan debt rose by 1.7 percent to $1.21 trillion and student loan debt totals grew by 1.5 percent to $1.36 trillion. Mortgage debt rose by 1.9 percent to $8.74 trillion, while balances on home equity lines of credit continued their trend line of shrinking by 0.8 percent.

Overall delinquency rates ticked up slightly to 4.9 percent of outstanding balances. Sixty-five percent of delinquent debt is considered severely delinquent, with an outstanding balance at least 90 days past due. Severe delinquencies ticked up in the third quarter for auto loans and credit cards, held steady for student debt and declined for mortgages, HELOCs and other debt.