According to the Quarterly Report on Household Debt and Credit issued by the Federal Reserve Bank of New York’s Center for Microeconomic Data, total household debt in the first quarter of 2023 has increased by $148 billion dollars to reach $17.05 trillion dollars.
This surge in debt marks an almost $3 trillion dollar rise compared to pre-pandemic levels at the end of 2019. Mortgage balances experienced a modest increase reaching $12.04 trillion dollars, while credit card balances remained unchanged at $986 billion dollars. Surprisingly, auto loan balances defied the usual first-quarter decline trend, rising by $10 billion. Student loan balances also witnessed a slight increase, totaling $1.60 trillion dollars.
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