US household debt rises to nearly $16B
Student loan debt rose by $14 billion in Q1, bringing the annual increase to 6.5%.
By Yashasvini Razdan
Published - May 10, 2022, 05:19 PM ET
Last Updated - Feb 26, 2024, 03:06 PM EST
U.S. consumers debt increased by 1.7%, in the first quarter, marking a new record.
The total consumer debt came to $15.84 trillion, a gain of over $266 billion during the first quarter, the Federal Reserve Bank of New York said in its quarterly report on Household Debt and Credit, released Tuesday.
The debt in the fourth quarter had risen by $333 billion to $15.58 trillion, which was the most significant rise since 2007.
Total household credit rose due to a $250 billion increase in mortgage debt, which now stands at $11.18 trillion. This is an increase of 10% from the first quarter in 2021.
