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Mortgages Drive Sharpest Rise in Household Debt Since 2007

The Federal Reserve has revealed that sharp upticks in mortgage balances and credit card usage helped drive up household debt in the third quarter at the fastest clip in 15 years. So reports CNBC.

credit cards american express 89024 640 smallAccording to the Fed, total debt climbed by $351 billion in the three months ending September 30, the biggest nominal increase in any quarter since 2007, to a new all-time high of $16.5 trillion.

Mortgage balances were up $1 trillion from a year ago, to $11.7 trillion, despite a sharp drop in originations.

Read the full article from CNBC.

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