Household Debt Now 7.6% Below Peak: NY Fed

Household debt in the third quarter rose 0.7%, or $78 billion, to $11.7 trillion, the New York Fed said Wednesday, putting debt 7.6% below its peak in the third quarter of 2008. In the third quarter, mortgage debt edged up 0.4% to $8.1 trillion. Mortgage originations increased slightly, reversing a four quarter trend. Student loan debt rose $8 billion to $1.1 trillion, and auto loan debt rose $29 billion to $934 billion. As of September 30, 6.3% of outstanding debt was in some stage of delinquency, compared with 6.2% in the second quarter.

Copyright © 2014 MarketWatch, Inc.