The Household Debt and Credit Report for the fourth quarter of last year was released by the New York branch of the Fed.
According to the report, the debt of Americans increased by 1.2 percent in the last quarter of 2023 compared to the previous quarter, reaching $ 17.5 trillion.
The said household debt increased by 212 billion dollars in the fourth quarter of last year compared to the previous quarter, while it increased by 604 billion dollars on an annual basis.
Housing loan debts are the largest debt item
While mortgage loans continue to take the highest share in Americans’ household debt, the debt item in question increased by $ 112 billion in the last quarter of last year compared to the previous quarter to $ 12.25 trillion. Debts originating from housing loans increased by 329 billion dollars in 2023 compared to the previous year.
As of the end of last year, the other items that Americans borrowed the most were automobile loans with 1 trillion 607 billion dollars, student loans with 1 trillion 601 billion dollars and credit cards with 1 trillion 129 billion dollars.
As of the end of last year, credit card debts increased by 143 billion dollars compared to the previous year. Debts from car loans increased by 55 billion dollars in 2023 compared to the previous year, while debts from student loans increased by 6 billion dollars.
