Economy

Household debt total passes $15 trillion for the first time

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U.S. dollar banknotes are seen in this photo illustration.

Jose Luis Gonzalez | Illustration | Reuters

Household debt passed $15 trillion for the first time in the third quarter, as rising prices pushed up balances for homes and autos, the New York Federal Reserve reported Tuesday.

Mortgages rose 2.2% to nearly $10.7 trillion, and autos increased $28 billion as part of an overall $286 billion increase in debt that brought the total household burden to $15.24 trillion. That’s up 1.9%, or $286 billion, from the second quarter.

The household debt growth represented a 6.2% gain from the same period a year ago.

The report covered the July to September period, part of a time when U.S. economic…



Source cnbc.com

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