The New York Fed just published its latest Quarterly Report On Household Debt And Credit.
“In Q3 2013 total household indebtedness increased to $US11.28 trillion; 1.1% higher than the previous quarter,” said the NY Fed in a press release. “Overall consumer debt remains 11 per cent below the peak of $US12.68 trillion in Q3 2008.
“This quarter, we observed an increase of household balances across essentially all types of debt,” said NY Fed economist Donghoon Lee. “With non-housing debt consistently increasing and the factors pushing down mortgage balances waning, it appears that households have crossed a turning point in the deleveraging cycle.”
Here are some of the highlights via the NY Fed:
- Student loan balances appearing on credit reports increased $US33 billion to $US1.03 trillion.
- Auto loan balances increased for the 10th straight quarter, up $US31 billion to $US845 billion.
- Credit card balances increased $US4 billion to $US672 billion.
- Total mortgage debt increased to $US7.9 trillion, up $US56 billion.
- HELOC balances fell $US5 billion to $US535 billion.
- Mortgage originations dropped slightly to $US549 billion.
- 168,000 individuals had new foreclosure notations added to their credit reports, 70 per cent below the peak of 566,000 in Q2 2009.
Here’s the NY Fed’s chart:
Business Insider Emails & Alerts
Site highlights each day to your inbox.