Economics
U.S. Household Debt Exceeds $14 Trillion for the First Time
- Mortgage loans for young adults at highest level since 2007
- More than $100 billion in student loans held by people over 60
This article is for subscribers only.
Americans increased their borrowing for the 22nd straight quarter as more households took out loans to buy homes or refinance existing mortgages, according to a report released today from the Federal Reserve Bank of New York.
Total U.S. household debt rose by $601 billion in the fourth quarter from a year earlier, or 4.4%, surpassing $14 trillion for the first time, the New York Fed’s quarterly household credit and debt report showed. That’s $1.5 trillion above the previous peak in the third quarter of 2008. Overall household debt is now 26.8% above the second-quarter 2013 trough.