US household debt climbs to $17.7 trillion in Q1: Fed

By Ovunc Kutlu

ISTANBUL (AA) - US household debt climbed to nearly $17.7 trillion in the first quarter, according to a Federal Reserve report released Tuesday.

Total household debt rose by $184 billion to $17.69 trillion in the January-March period of this year, compared to the previous three-month period, according to the Fed's latest Quarterly Report on Household Debt and Credit.

Mortgage balances increased by $190 billion to $12.44 trillion, while balances on auto loans climbed by $9 billion to $1.62 trillion in the first quarter.

"Credit card balances declined, as is typical for the first quarter, falling by $14 billion to $1.12 trillion," the Fed said in a statement.

"Nearly 9 percent of credit card balances and 8 percent of auto loans transitioned into delinquency," it added.