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NextGen Magazine

 
 

Total U.S. Household Debt Reaches $13.95 Trillion

By:
Chris Gaetano
Published Date:
Nov 14, 2019
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The New York Federal Reserve said that all U.S. household debt combined—items such as credit cards, mortgages, auto loans and student debt—now stands at $13.95 trillion. Levels now exceed the previous peak time, 2008, by $1.3 trillion. 

The Fed said the majority of this debt is mortgages, at $9.44 trillion, followed by student debt, at $1.5 trillion; auto debt ,at $1.32 trillion; credit card debt, at $880 billion; and everything else, at $430 billion. The Fed counted home equity line of credit as related to, but separate from, mortgage debt: this figure stands at $400 billion. 

Beyond the total amount of debt, the Fed also analyzed how much of it was 90 days or more delinquent. Of this, student debt was highest, with 9.26 percent of loans flowing into "serious delinquency," followed by credit card debt at 5.16 percent, then "other" at 4.67 percent, then auto debt at 2.34 percent, then mortgage debt at 0.99 percent. Home equity lines of credit were even lower, with just 0.83 percent being seriously delinquent.