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Wednesday, May 17, 2017

US Household Debts hit record high in Q1 2017. Total Household Debt Rose 1.2% to $12.725trn in 1Q; Prior Peak Was $12.675trn in 3Q 2008

U.S. Household Debts Climbed in 2016 by Most in a Decade
Household debts climbed by $226 billion to $12.6 trillion in the fourth quarter

The total amount of debt held by American households climbed in 2016 by the most in a decade, driven by broad and steady increases in credit card debt, auto and student loans, and a fourth-quarter surge to the highest amount of mortgage originations since before the financial crisis.

Total household debt climbed by $226 billion in the final three months of 2016, according to a report Thursday from the Federal Reserve Bank of New York. Total household debts are now just $99 billion shy of the all-time peak of $12.7 trillion set in the third quarter of 2008 just as the banking system began crashing down. The New York Fed estimates that debt is highly likely to set a new record in 2017.
“Debt held by Americans is approaching its previous peak, yet its composition today is vastly different as the growth in balances has been driven by non-housing debt,” said Wilbert van der Klaauw, an economist at the New York Fed.

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