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Consumer debt edged higher during the first three months of 2021, due primarily to a jump in mortgages and auto loans, the Federal Reserve reported Wednesday.
Total household debt balances rose by $85 billion in the first quarter, a 0.6% increase that brought the total level to $14.64 trillion.
Fueled by low rates and a red-hot housing market, mortgage debt swelled in the period by $117 billion, or about 1.2%, to $10.16 trillion, according to the New York Fed’s quarterly Report on Household Debt and Credit. Auto loans increased by $8 billion, to $1.38 trillion, while student debt balances rose by $29 billion to $1.58 trillion, even though many…