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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
Homes for Sale Ahead Of Existing Sales Figures
Photographer: Daniel Acker/Bloomberg

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.