Aggregate household debt balances increased by $16 billion in the second quarter of 2023, a 0.1% rise from 2023Q1. Balances now stand at $17.06 trillion and have increased by $2.9 trillion since the end of 2019, just before the pandemic recession. Balances Mortgage balances shown on consumer credit reports were largely unchanged from the previous quarter, during the second quarter of 2023 and stood at $12.01 trillion at the end of June. 2 Balances on home equity lines of credit (HELOC) were essentially flat as well; the outstanding HELOC balance stands at $340 billion. Credit card balances increased by $45 billion, a ... (full story)

Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday. Total credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%. That took the total amount owed to $1.03 trillion, the highest gross value in Fed data going back to 2003. The increase in the category was the most notable area as total household debt edged higher by about $16 billion to $17.06 trillion, also a fresh record. As card use grew, so did the ... (full story)