New York Fed Reports Household Debt Surge

The New York Fed reports that U.S. household debt increased by $197 billion in the third quarter, reaching a total of $17.06 trillion. This rise is attributed to increased borrowing in mortgages and credit cards, alongside a notable jump in auto loans.

Mortgage Debt Hits Record Levels

Mortgage balances rose by $121 billion, reaching $12.04 trillion, marking the highest level on record. This growth highlights ongoing trends in the housing market despite higher interest rates, indicating sustained demand for home financing.

Credit Card Debt Reaches New Heights

Credit card balances surged by $11 billion, totaling $1.03 trillion. The increase reflects rising costs of living and inflation, pushing consumers to rely more on credit to manage expenses.

Auto Loan Growth Continues

Auto loans rose by $33 billion, pushing the total to $1.52 trillion. The growth indicates a continued appetite for vehicle financing, even as interest rates remain elevated.