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U.S. household debt, including mortgages, credit cards, auto loans and student loans, reached an all-time high of $18.8 trillion in the first three months of the year, according to new data Tuesday from the Federal Reserve Bank of New York.
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The increase in overall debt was driven by higher balances on mortgages and auto loans.
Student loan debt slightly decreased to $1.66 trillion. However, many borrowers are falling behind on their payments, with more than 10% of student loan balances now past due, nearing pre-pandemic levels, the Federal Reserve Bank of New York said.
Credit card debt dipped by $25 billion during the first quarter of the year, with outstanding card balances at $1.25 trillion. Credit card debt is up by $70 billion over the past year.
On a call with reporters Tuesday morning, researchers at the New York Fed described Americans’ overall credit as “stable,” but noted there are weaknesses among younger consumers and lower-income households.
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According to officials, mortgage balances are $13.2 trillion, and auto debt stands at $1.69 trillion.
The record-high household debt comes amid rising inflation, which rose for a second consecutive month, government data on Tuesday showed.
Prices rose 3.8% in April compared to a year earlier, marking an increase from a year-over-year inflation rate of 3.3% in the prior month. Annual inflation jumped to its highest level in three years, U.S. Bureau of Labor Statistics (BLS) data showed.
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