(07 Aug 2025, 11:13)

Economic Buzz: US household debt up $4.24 trillion since end of 2019 says NY Fed

A latest update from the Federal Reserve Bank of New York shows total household debt has risen to $18.39 trillion when adjusted for inflation — that figure is about $1.05 trillion less than the all-time peak in the last quarter of 2008. It has increased by $4.24 trillion since the end of 2019, just before the pandemic recession. Around 4.4% of household debt is at some stage of delinquency- which is elevated, according to the bank. It noted further that credit card balances have also risen to match last year's all-time high, to a collective of $1.21 trillion, up 2.3% from the previous quarter and are 5.87% above the level a year ago. Mortgage balances shown on consumer credit reports grew by $131 billion during the second quarter of 2025 and totaled $12.94 trillion at the end of June. Balances on home equity lines of credit (HELOC) rose by $9 billion, the thirteenth consecutive quarterly increase. There is now $411 billion in outstanding HELOC balances, $94 billion above the low reached in the first quarter of 2022.

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Economic Buzz: US household debt up $4.24 trillion since end of 2019 says NY Fed