Total household debt rose by $212 billion to reach $17.5 trillion in the fourth quarter of 2023, according to the most recent Quarterly Report on Household Debt and Credit Report released today by the Federal Reserve Bank of New York. Credit card balances increased by $50 billion to $1.13 trillion over the quarter, while mortgage balances rose by $112 billion to $12.25 trillion. Auto loan balances rose by $12 billion to $1.61 trillion, continuing an upward trajectory that began in 2011. Delinquency transition rates increased for all debt types except for student loans.
In an accompanying blog post, the New York Fed said that overall growth in debt was modest compared to Q4 changes seen in recent years. Household debt delinquencies reached historic lows during the pandemic period because of forbearances on mortgages and federal student loans and stimulus payments. However, as forbearances ended and savings from stimulus payments were exhausted for many households, delinquency rates have been rising again for all types of debt, it said.
