NY Fed: Household debt reaches new peak driven by gains in mortgage, auto, and student debt

Eren Sengezer FXStreet

According to the Federal Reserve Banks of New York's Household Debt and Credit Report (Q1 2017):

Total household indebtedness stood at $12.73 trillion as of March 31, 2017, marking a $149 billion or 1.2 percent increase from the fourth quarter of 2016. This increase put overall household debt $50 billion above its previous peak set in the third quarter of 2008 and 14.1 percent above the trough set in the second quarter of 2013.
Mortgage balances, the largest component of household debt, reached $8.63 trillion as of March 31, a $147 billion uptick from the fourth quarter of 2016.
Balances on home equity lines of credit fell slightly in the first quarter, down $17 billion to $456 billion.
Non-housing debt saw mixed changes—an increase of $10 billion in auto loans and $34 billion in student loan balances, and a $15 billion drop in credit card balances.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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