US household debt surpasses $17.2T in Q3: Fed

By Ovunc Kutlu

ISTANBUL (AA) – US household debt surpassed $17.2 trillion in the third quarter, according to a report by the Federal Reserve on Tuesday.

Total household debt rose 1.3% to reach $17.29 trillion in the July-September period, according to the bank's latest quarterly report on household debt and credit.

Mortgage balances increased to $12.14 trillion, credit card balances rose to $1.08 trillion, while student loan balances climbed to $1.6 trillion, it said.

Auto loan balances reached $1.6 trillion, continuing the upward trajectory seen since 2011, it added.

There was $386 billion in newly originated mortgage debt in the third quarter, according to the report.

"Aggregate limits on credit cards increased by $113 billion in the third quarter, or a 2.5% increase from the previous quarter and an increase of 9.5% from one year ago," it added.