US household debt climbs to $17.5T in 4Q of 2023: Fed

There was $394B in newly originated mortgage debt in 4th quarter of 2023, according to Federal Reserve

By Ovunc Kutlu

ISTANBUL (AA) – US household debt climbed to $17.5 trillion in the fourth quarter of 2023, according to a Federal Reserve report released on Tuesday.

Total household debt rose $212 billion in October-December last year, compared to the previous quarter, according to the bank's latest quarterly report on household debt and credit.

Mortgage balances jumped $112 billion to reach $12.25 trillion on a quarterly basis, while credit card balances rose $50 billion to $1.13 trillion, and auto loan balances increased $12 billion to $1.61 trillion.

"Delinquency transition rates increased for all debt types except for student loans," the Fed said in a statement.

There was $394 billion in newly originated mortgage debt in the fourth quarter of 2023, it added.

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