Household debt in the USA increased in the first quarter of the year
Household debt in the USA increased by 1.1 percent in the first quarter of this year, reaching $17.69 trillion.
The Household Debt and Credit Report for the first quarter of 2024, prepared by the New York branch of the US Federal Reserve (Fed), has been published.
Accordingly, the total household debt of Americans increased by 1.1 percent in the first quarter of the year compared to the previous quarter, reaching 17.69 trillion dollars.
Household debt, which increased by 184 billion dollars in the first quarter of the year compared to the previous quarter, increased by 640 billion dollars on an annual basis.
Housing loan debts are the largest debt item
While housing loans continue to account for the highest share of Americans’ household debt, the debt item in question rose to $12.44 trillion in the first quarter.
Housing loan debt, which increased by 190 billion dollars in the first quarter of the year compared to the previous quarter, increased by 398 billion dollars on an annual basis.
Other items in which Americans borrowed the most during this period were automobile loans with $1.61 trillion, student loans with $1.59 trillion, and credit cards with $1.12 trillion.
During the said period, credit card debts decreased by 14 billion dollars and student loan debts decreased by 6 billion dollars. Debts originating from automobile loans increased by 9 billion dollars in the same period.