New Federal Reserve Bank of New York data show that total U.S. household debt inched closer to $18 trillion in the third quarter, with delinquency rates remaining raised.
According to the New York Fed’s Household Debt and Credit Report for the July to September period, household debt increased by $147 billion to $17.94 trillion.
Credit card balances rose by $24 billion to $1.17 trillion. Auto loan debt climbed by $18 billion to $1.64 trillion.
Home equity line of credit (HELOC) balances jumped by $7 billion to $387 billion, “representing the 10th consecutive quarterly increase” since the first quarter of 2022.
While income growth has outpaced household borrowing, New York Fed economists say “elevated balance levels continue to reveal stress for many households, even amid some moderation in delinquency trends this quarter.”…