ADDS RECORD HIGH DETAIL, EDITS THROUGHOUT
By Mucahithan Avcioglu
ISTANBUL (AA) - US household debt rose around 1% on a quarterly basis in the third quarter of this year, reaching an all-time high of $18.6 trillion, according to data released by the Federal Reserve New York on Wednesday.
Household debt climbed by $197 billion in the third quarter of the year compared to the previous quarter, while it was up by $642 billion on an annual basis.
Mortgages continued to account for the largest share of American household debt, rising to $13.07 trillion in the third quarter.
Housing debt was up by $137 billion in the third quarter compared to the previous quarter and climbed by $478 billion year-on-year.
Other items, including auto loans, incurred the most debt among Americans during this period, totaling $1.66 trillion.
Meanwhile, student loans rose to $1.65 trillion and credit cards debt increased to $1.23 trillion, both hitting record high levels in the third quarter.
During this period, credit card debt increased by $24 billion compared to the previous quarter, and student loan debt was up by $15 billion.
Meanwhile, auto loan debt remained stable during the same period.