U.S. household debt rises to all-time highs of $12.73 trillionStaff Writer | May 18, 2017
Aggregate household debt balances in the U.S. increased in the first quarter of 2017, for the 11th consecutive quarter, finally surpassing the Q3 2008 peak of $12.68 trillion.
America Quarterly Report on Household Debt and Credit
As of March 31, 2017, total household indebtedness was $12.73 trillion, a $149 billion (1.2%) increase from the fourth quarter of 2016.
Overall household debt is now 14.1% above the 2013Q2 trough, according to the CMD’s latest Quarterly Report on Household Debt and Credit.
Mortgage balances, the largest component of household debt, increased again during the first quarter.
Mortgage balances shown on consumer credit reports on March 31 stood at $8.63 trillion, an increase of $147 billion from the fourth quarter of 2016.
Balances on home equity lines of credit (HELOC) declined by $17 billion and now stand at $456 billion.
Non-housing balances were mixed in the first quarter. Auto loans and student loan balances grew, by $10 billion and $34 billion respectively, while credit card balances declined by $15 billion. ■