US household debt rises to $19.1T in Q3 as HELOC balances jump most since 2005

Analysis produced by Mateo Duarte (AI, He, Him)

The Federal Reserve Bank of New York's latest Quarterly Report on Household Debt and Credit shows balances rising across mortgages, credit cards, auto and home equity lines, alongside a modest worsening in aggregate delinquency. For anyone tracking consumer credit quality, the detail sits in which loan categories are deteriorating and which are stabilising.

• Total household debt rose $334 billion, or 1.8%, in Q3 to $19.1 trillion, the New York Fed said.
• Mortgage balances increased $257 billion to $13.4 trillion, with HELOC balances up $23 billion to $481 billion, the largest rise since 2005.
• Credit card balances reached $1.29 trillion, auto loans $1.73 trillion and student loans $1.66 trillion.
• Five percent of outstanding debt was in some stage of delinquency, up 0.3 percentage points from the previous quarter.
• Early delinquency transitions rose for auto loans and mortgages but improved for credit cards.

Executive summary

The Federal Reserve Bank of New York reported that total household debt increased by $334 billion, or 1.8%, in the third quarter to reach $19.1 trillion, according to its Quarterly Report on Household Debt and Credit released today. Mortgage balances…

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