Total household debt increased by $228 billion, or 1.3%, to $17.29 trillion in the third quarter of 2023, according to the Federal Reserve Bank of New York’s latest quarterly report on household debt and credit, released yesterday.
Mortgage balances rose $126 billion from the previous quarter and stood at $12.14 trillion at the end of June, according to the report. Credit card balances increased by $48 billion to land at $1.08 trillion, a 4.7% quarterly increase. Auto loan balances rose by $13 billion, while student loan balances increased by $30 billion.
Delinquency rates increased in Q3, with 3% of outstanding debt in some stage of delinquency at the end of September, the New York Fed said. The share of debt newly transitioning into delinquency increased for mortgage debt, auto loan debt, credit card debt and “other” debt, and declined for home equity lines of credit and student loan debt.
