US Household Debt Reaches Record High Despite Slowdown in Mortgage Creation and Inflationary Pressures.
TL;DR Summary
Total consumer debt in the US has surpassed $17tn for the first time, despite a sharp decline in mortgage demand. The total for borrowing across all categories increased by nearly $150bn, or 0.9%, during Q1 2023, according to the New York Federal Reserve. New mortgage originations, including refinancings, totalled just $323.5bn, the lowest level since Q2 2014. The total was 35% lower than in Q4 2022 and 62% below the same period a year ago.
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- NY Fed finds big slowdown in new mortgage creation in first quarter Reuters
- US Households Show Signs of Stress as New Delinquencies Rise Bloomberg
- New York Fed: Household debt rises by 0.9% in Q1, smallest gain in two years CNBC Television
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