According to data from the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit, total household debt rose by $333 billion (2.2 percent) to reach $15.58 trillion in the fourth quarter of 2021.
Mortgage balances — the largest component of household debt — rose by $258 billion.
The volume of newly originated auto loans was $181 billion during the fourth quarter, primarily reflecting a higher origination amount per loan rather than more loans originated.
Credit card balances increased by $52 billion, while student loan debt contracted by $8 billion, remaining roughly flat in nominal terms at the end of 2021 after almost two decades of steady increases.
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Edited by Jesus Chan
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