Record U.S. household debt, rising credit card delinquencies, and highest non-mortgage interest payments since 2008.

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According to the Federal Reserve Bank of New York, U.S. household debt has indeed reached a record level. Here are the key points from their latest Quarterly Report on Household Debt and Credit (Q1 2024):

  • Total Household Debt: In the first quarter of 2024, total household debt rose by $184 billion, reaching a staggering $17.69 trillion. This includes various types of debt such as mortgages, auto loans, and credit card balances.
  • Mortgage Balances: Mortgage balances increased by $190 billion, bringing the total to $12.44 trillion. This reflects ongoing activity in the housing market.
  • Auto Loans: Balances on auto loans climbed by $9 billion, reaching $1.62 trillion. Auto loan balances have been on an upward trajectory since 2020.
  • Credit Card Balances: Credit card balances declined by $14 billion during the first quarter, typical for this period. However, credit card debt remains substantial at $1.12 trillion.
  • Delinquency Rates: Nearly 9% of credit card balances and 8% of auto loans transitioned into delinquency (annualized). This indicates that more borrowers are falling behind on payments.
  • HELOC Balances: Home equity lines of credit (HELOC) increased by $16 billion, continuing a trend seen since 2022Q1. The aggregate outstanding balances now stand at $376 billion.
  • Other Balances: Balances on retail cards and other consumer loans decreased by $11 billion.
  • Student Loans: Student loan balances remained effectively flat, with a $6 billion decrease, totaling $1.6 trillion.
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While mortgage and auto loan balances continue to rise, credit card balances have declined slightly. However, the increase in delinquency rates suggests that some borrowers are facing financial challenges.


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