The New York Fed just put out its latest quarterly Household Debt and Credit Report.
Total household debt was up $US129 billion from the previous quarter and stood at $US11.65 trillion in Q1 2014, up 1.1% quarter-over-quarter.
“We’ve observed household debt increase three quarters in a row and delinquency rates at their lowest levels since 2008,” Andy Haughwout, vice president and economist at the New York Fed said in a press release. “However, the direction of future mortgage originations will have an important implication on the household financial outlook and we will continue to monitor it.”
Here are some of the highlights from the report:
- Mortgage debt increased by $US116 billion to $US8.17 trillion as of Q1 2014.
- Student loan debt climbed by $US31 billion to $US1.11 trillion.
- Auto loan debt was up $US12 billion to $US875 billion.
- Credit card debt fell by $US24 billion bringing the total as of Q1 2014 to $US659 billion.
- Home equity line of credit (HELOC) balances fell by $US3 billion to $US526 billion.
- Overall household debt is 8.1% down from the Q3 2008 peak of $US12.68 trillion.
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