America’s Rising Debt Levels: A Closer Look by NY Fed

The NY Fed takes a closer look at the US rising debt levels:

  • Total household debt up $212 billion to $17.5 trillion in fourth quarter of 2023
  • Delinquency rates rose in Q4 2023 but remain below pre-pandemic level. Good news.
  • 3.1% of debt was in some type of delinquency during 4Q 2023
  • Delinquency transition rates up for all borrowing types except student loans
  • Delinquency transition rate for mortgages up but still historically low
  • Mortgage balances up $112 billion in 4Q 2023 to $12.25 trillion
  • Credit card balances up $50 billion to $1.13 trillion in 4Q 2023
  • Auto loans up $12 billion to $1.61 trillion in 4Q 2023
  • Student loans little changed in 4Q 2023 at $1.6 trillion

This article was written by Greg Michalowski at Source