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Fed Says Household Debt Increases 0.3% During First Quarter

U.S. households expanded their debt last quarter for the first time in more than two years as mortgage balances rose, according to a survey by the Federal Reserve Bank of New York.

Consumer indebtedness rose 0.3 percent, or $33 billion, to $11.5 trillion at the end of March from Dec. 31, according to a quarterly report on household debt and credit released today. Households have slashed debt by $1.03 trillion, or 8.2 percent, since it peaked in the third quarter of 2008 as the financial crisis was unfolding.