The total amount of household debt in the US has risen to a new record level.
In her quarterly report on household debt and credit separate The total debts of the household reached a peak of 21 years of $ 18.04 trillion at the end of the quarter of 2024.
That is an increase of $ 93 billion on quarter-on-quarter and an increase of $ 3.9 trillion since the end of 2019.
Mortgages form the majority of American household debts, which were $ 13 trillion at the end of December last year.
Car loans float on $ 1.66 trillion, followed by student loans of $ 1.61 trillion, credit cards for $ 1.21 trillion and others at $ 550 billion.
The data from the New York Fed also show that Americans have difficulty paying off their credit card and other types of debts.
The delinquency percentages increase by 11.4% of the credit card balance that has been left unpaid for at least 90 days from Q4 2024, an increase of 9.4% in the same quarter in 2023. For other types of loans, 9.2% is delinquent for 90 days or more .
In the meantime, 4.8% of the car loans, 0.7% of the mortgages, 0.5% of the student loans and 0.5% of the equity line of the credit (Heloc) for more than three months in the same period.
“The total delinquency rates rose slightly in the fourth quarter of 2024. From December, 3.6 percent of the outstanding debts were at a stage of delinquency, an increase of 3.5 percent in the third quarter … The transition to serious delinquency, Defined as 90 or more days by thanks to, sustained for car loans, credit cards and Heloc -Saldi but remained stable for mortgages. “
In the midst of the rising delinquency rates, the FED says that around 123,000 Americans had added a bankruptcy memorandum to their credit reports in the last quarter of 2024.
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