The Strategist

U.S. household debts hit record in Q4

02/08/2024 - 05:24

The fourth quarter saw a 1.2% (or $212 billion) growth in US household debt over the preceding three months, culminating in a record $17.503 trillion, as reported by the Federal Reserve Bank of New York.
The debt climbed by $604 billion in comparison to October–December 2022.

Americans' indebtedness on credit cards rose by $50 billion to $1.13 trillion, on mortgage loans - by $112 billion, and on student loans - by $2 billion, to $1.6 trillion over the course of the quarter.

According to the regulator, there has been a continuous increase in car loan debts since the second quarter of 2020, with a $12 billion increase to $1.61 trillion.

By the end of December, the percentage of cases with a substantial delinquent (90 days or more) was 1.42%, down from 1.03% at the end of 2022.