Household Debt Rises to $17.8 Trillion

A new report from the New York Fed says household debt has risen to $17.80 trillion (up 1.3%) in Q2 2024, according to their latest Quarterly Report on Household Debt and Credit. The report says mortgage balances were $12.52 trillion (up $77 billion), auto loans were $1.63 trillion (up $10 billion) and credit card balances came in at $1.14 trillion (up $27 billion). In addition, homeowners continued to increase balances on home equity lines of credit (HELOC) as an alternative way to extract home equity – these loans rose by $3 billion, marking the 9th consecutive quarterly increase.

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