In a recently published report, the Federal Reserve Bank of New York said that the total household debt in the US increased by $85 billion to $14.64 trillion in the first quarter of 2021, as reported by Reuters.
"Mortgage balances rose by $117 billion in Q1 of 2021 to $10.16 trillion."
"Credit card balances declined by $49 billion in Q1, the second-largest quarterly decline since Q2 2020."
"Mortgage originations, including refinances, reached $1.1 trillion, only slightly below the record reached in Q4 2020."
"Auto and student loan balances increased by $8 billion and $29 billion, respectively."
"Only 15% of the $153 billion of new auto loans were to borrowers with credit scores below 620, the lowest in the history of the data."
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