US household debt reaches $17 trillion in Q2: Fed

US household debt reaches $17 trillion in Q2: Fed

Credit card debt surpasses $1 trillion

By Ovunc Kutlu

ISTANBUL (AA) – US household debt reached $17.06 trillion in the second quarter, according to a report by the Federal Reserve on Tuesday.

The figure is an increase of $16 billion, or 0.1%, compared to the previous quarter.

Credit card debt exceeded $1 trillion, coming in at $1.03 trillion. That showed a rise of $45 billion from $986 billion recorded in the first quarter.

"Mortgage balances were largely unchanged from the previous quarter and stood at $12.01 trillion at the end of June, in large part due to declining mortgage originations and slowing home prices," said the report.

Auto loan balances increased by $20 billion, it added.

"Credit card balances saw brisk growth in the second quarter," said Joelle Scally, regional economic principal within the Household and Public Policy Research Division at the New York Fed. "And while delinquency rates have edged up, they appear to have normalized to pre-pandemic levels."

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