Household debt increased by $82 billion in the second quarter, the 16th quarterly gain in a row, the Federal Reserve Bank of New York reported Tuesday.
The 0.6% gain to $13.29 trillion makes it the highest dollar amount on record (not adjusted for inflation) surpassing the previous high of $12.68 trillion, set in the third quarter of 2008, the Fed said.
“Mortgage balances — the largest component of household debt — rose by $60 billion during the second quarter, to $9.00 trillion,” according to the Fed, while balances on home equity lines of credit fell $4 billion to $432 billion.
Mortgage originations grew to $437 billion from $428 billion in the first quarter, while mortgage delinquencies (with payments at last 90 days late) dipped to 1.1% from 1.2% in the first quarter.
Outstanding student loans were nearly flat at $1.41 trillion, the Fed reported.
Auto loan balances grew $9 billion to $1.24 trillion, while credit card balances increased $14 billion.
