New York Fed: Household Debt Rose To $17.69 Trillion In Q1 2024

According to the New York Fed, household debt grew by $180 billion in the first quarter of 2024 to $17.69 trillion overall.

“In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” said Joelle Scally, Regional Economic Principal within the Household and Public Policy Research Division at the New York Fed. “An increasing number of borrowers missed credit card payments, revealing worsening financial distress among some households.”

In addition to credit and consumer debt balances, mortgage debt ballooned by $190 billion as well in the first three months of 2024 with home equity lines of credit increasing by $16 billion which usually indicates homeowners using the equity in their homes to cover ongoing expenses.

The issue of growing inflation and the debt being increasingly utilized to pay for the higher cost of living is a very important story and we will continue to keep track of it.

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