The total stock of new debt rose to $13.3 trillion in the second quarter of 2018, up $82 billion from the previous quarter. This follows a gradual rise in new household debt over the last four years.
Total household debt is now higher than it was before the financial crisis, and about 20% higher than it was five years ago. However, delinquency rates have held steady across most debt categories, and have even fallen for student loans.
The total stock of outstanding mortgages climbed to $9 trillion, the highest level since 2009. New mortgage originations remain lower than before the financial crisis, but this is because a much smaller fraction of borrowers obtain subprime mortgages.
The borrowing comes against a backdrop of improving delinquency and foreclosure rates. Overall delinquency rates came down slightly.
Read More
