News
Mortgages Fuel The Climb In US Household Debt
An increase in mortgage borrowing during Q1 led to a 1.1% jump in total US household debt, according to the New York Fed.
The New York Fed’s quarterly report reveals mortgage debt is up 1.5% from Q4 of last year and has reached $8.37 trillion, Bloomberg reports. That’s the highest level of mortgage debt since Q3 2011.
When it comes to other types of debt, there’s been a slowdown in the growth of auto-loan debt and student debt—although both are at record highs. Total auto-loan debt tallies $1.07 trillion while student debt is worth $1.26 trillion. [Bloomberg]
