Americans’ household debt levels, ranging from credit card balances to auto loans, reached a new record high last quarter.
Total household debt in the United States surged by $197 billion in the third quarter to $18.59 trillion, according to the New York Federal Reserve.
Despite the latest Household Debt and Credit Report highlighting an ocean of red ink among consumers, conditions are moderating, according to Donghoon Lee, Economic Research Advisor at the New York Fed.
“Household debt balances are growing at a moderate pace, with delinquency rates stabilizing,” he said in the report. “The relatively low mortgage delinquency rates reflect the housing market’s resilience, driven by ample home equity and tight underwriting standards.”…