US Household Debt Hits $19.1 Trillion in Q3 as Troubled Loans Rise to 5%
Updated
Updated · Reuters · Nov 10
US Household Debt Hits $19.1 Trillion in Q3 as Troubled Loans Rise to 5%
3 articles · Updated · Reuters · Nov 10
Summary
$334 billion in new borrowing pushed US household debt to $19.1 trillion in the third quarter, while loans in some form of trouble rose to 5%, up 0.3 percentage point from Q2.
The New York Fed said the uptick does not signal broad credit deterioration: troubled debt remains near pre-pandemic norms, mortgage serious delinquency is still low by historical standards, and housing credit quality remains strong.
Pandemic-era easing in some lending standards is still feeding stress, especially in credit cards, where lower-income and lower-credit-score borrowers have shown higher distress even as serious delinquency transitions improved for credit cards and student loans.
Student loans remained a pressure point after payments resumed, with balances more than 90 days past due rising to 10.9% from 10.6%; mortgages climbed $257 billion to $13.4 trillion, credit cards $22 billion to $1.3 trillion, and auto loans $21 billion to $1.7 trillion.