U.S. Household Debt Surpasses $15 Trillion
Posted on 11/09/2021
The New York Federal Reserve reported via its Quarterly Report on Household Debt and Credit that U.S. household debt blew past US$ 15 trillion for the first time in the third quarter of 2021. Rising inflation and prices have pushed up the balance for homes and automobiles. U.S. mortgages increased 2.2% to nearly US$ 10.7 trillion, and autos increased US$ 28 billion as part of an overall US$ 286 billion increase in debt that brought the total household burden to $15.24 trillion. The household debt growth represented a 6.2% increase from the same period a year ago. Student loan balances grew by US$ 14 billion, coinciding with the start of an academic year. Credit card balances increased in the third quarter by US$ 17 billion, after an increase of the same size in the second quarter. Non-housing balances grew by US$ 61 billion, with gains across all debt types. Credit card debt has yet to get back to its pre-pandemic level.
Post 9-11 and Tech Boom
In the first quarter of 2004, U.S. household debt was US$ 8.29 trillion and US$ 6.17 trillion was housing debt.
Global Financial Crisis
In the first quarter of 2008, U.S. household debt was US$ 12.54 trillion and US$ 9.9 trillion was housing debt.
In the first quarter of 2016, U.S. household debt was US$ 12.25 trillion and US$ 8.85 trillion was housing debt.
