11/21/2024
The Federal Reserve Bank of New York released a new report highlighting that in Q3 2024, U.S. household debt rose by $147 billion (0.8%) from the previous quarter, reaching $17.94 trillion.
This is an increase of $3.8 trillion since 2019. Mortgage balances grew by $75 billion to $12.59 trillion, while HELOC balances rose by $7 billion, marking the 10th consecutive quarterly increase to $387 billion.
Credit card debt increased by $24 billion to $1.17 trillion, up 8.1% year-over-year. Auto loans rose by $18 billion to $1.64 trillion, and student loan debt increased by $21 billion to $1.61 trillion. 🤯😳