Total household debt decreased $13 billion, a 0.1% drop, during the second quarter to $18.8 trillion, according to a Federal Reserve Bank of New York’s Center for Microeconomic Data report.
The quarterly report is based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data, and provides data and insights into the credit conditions and activity of U.S. consumers. Delinquency is balances that are at least 90 days late.
“Delinquency rates across most products have held steady over the past two years,” Joelle Scally, New York Fed economic policy adviser, said. “Still, new delinquencies for auto loans and credit cards remain at elevated levels, a trend we’ll continue to monitor.”
Other findings include:
Mortgage balances dropped by $74 billion while the pace of mortgage originations was steady with $505 billion newly originated.
Home equity lines of credit balances increased $13 billion to $459 billion while limits grew $19 billion.
Credit card balances increased $21 billion to $1.26 trillion while aggregate limits on credit cards grew $85 billion.
Auto loan balances grew $28 billion to $1.71 trillion, and there were $211 billion in auto loan originations.
Student loan balances dropped $7 billion to $1.65 trillion.