This Is What $US11.52 Trillion Of Household Debt Looks Like

The New York Fed just published its latest Quarterly Report On Household Debt And Credit.

“As of December 31, 2013, total consumer indebtedness was $US11.52 trillion, up by 2.1% from its level in the third quarter of 2013,” said the NY Fed in a press release. “The four quarters ending on December 31, 2013 were the first since late 2008 to register an increase ($180 billion or 1.6%) in total debt outstanding. Nonetheless, overall consumer debt remains 9.1% below its 2008 Q3 peak of $US12.68 trillion.”

“A couple of things stand out,” say NY Fed researchers Andrew Haughwout, Donghoon Lee, Wilbert van der Klaauw, and David Yun.

“First, overall growth in debt remains considerably more muted in 2013 than it was in 2006, with the exception of auto loans, where 2013 data continued to reflect the strong growth we have been seeing since mid-2011, and student loans. (In the case of student loans, the percentage growth has moderated since 2006, but since the outstanding balance has doubled, the lower percentage growth is associated with comparable dollar increases.) Mortgage and home equity line of credit (HELOC) balances, in particular, grew much more slowly in 2013 than in 2006. Second, for all loan types and in both years, balance increases were mainly driven by younger age groups. Again, though, student loans are an exception: even older student loan borrowers continue to increase their borrowing.”

Here are some of the highlights via the NY Fed:

  • Mortgage originations dropped to $US452 billion.
  • Outstanding student loan balances reported on credit reports increased to $US1.08 trillion (+$53 billion) as of December 31, 2013, representing a $US114 billion increase for 2013.
  • Balances on credit cards accounts increased by $US11 billion.
  • Auto loan originations decreased in the fourth quarter of 2013 to $US88 billion.

Here’s the NY Fed’s chart:

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