In the last quarter of 2022, household debt in the USA increased by 2.4 percent compared to the previous quarter and rose to $ 16.9 trillion. Housing loan debt was the largest debt item.
The Household Debt and Credit Report for the fourth quarter of last year, prepared by the New York branch of the Fed, was published. According to the report, American debt reached $16.9 trillion in the last quarter of 2022, up 2.4 percent from the previous quarter.
The household debt in question increased by $394 billion in the fourth quarter of last year compared to the previous quarter, while it increased by $1.3 trillion on an annual basis.
Housing loan debts are the biggest debt item
While the highest share of Americans’ household debt continues to be purchased by housing loans, the debt item in question increased by $254 billion compared to the previous quarter and reached $11.9 trillion in the last quarter of last year. Debts stemming from housing loans increased by 993 billion dollars in 2022 compared to the previous year.
As of the end of last year, the other items that US borrowed the most were student loans with 1.6 trillion dollars, automobile loans with 1.55 trillion dollars and credit cards with 986 billion dollars.
Debt from student loans increased by $19 billion in 2022 compared to the previous year, while debts from auto loans increased by $94 billion. Credit card debts, on the other hand, increased by 130 billion dollars as of the end of last year compared to the previous year.
Soure of Information ; Reuters