US household debt rises to US$12.29t in Q2: NY Fed survey

[NEW YORK] US household debt hit US$12.29 trillion in the second quarter, up US$434 billion from a year earlier as auto loans and credit card debt increased, a Federal Reserve Bank of New York survey showed on Tuesday.

Some 4.8 per cent of the outstanding debt was in some stage of delinquency, down from 5.6 per cent from a year ago, according to the quarterly household debt and credit report.

Auto debt was US$1.10 trillion, up US$97 billion from a year earlier, while the aggregate credit card limit increased for the 14th straight quarter, reflecting Americans' easier access to credit as the 2007-2009 financial crisis fades.

Mortgage debt was US$8.36 trillion, up US$246 billion from last year, while student loan debt was US$1.26 trillion, up US$69 billion.

REUTERS