US household debt rises to record $ 14.3 trillion

US, WASHINGTON (ORDO NEWS) — The total debt of US households in the I quarter of 2020 increased by $ 155 billion, or 1.1%, and reached a record $ 14.3 trillion, according to the Federal Reserve Bank (FRB) of New York.

Data for the I quarter does not fully reflect the economic consequences of the coronavirus pandemic and measures to control the spread of COVID-19. Over 30 million Americans have applied for unemployment benefits since the second half of March.

The total household debt is now nominally $ 1.6 trillion higher than the pre-crisis peak of $ 12.68 trillion achieved in the third quarter of 2008.

Mortgage debts increased by $ 156 billion relative to the IV quarter to $ 9.71 trillion.

Car loans rose $ 15 billion to a total of $ 1.35 trillion. The volume of student loans in the I quarter increased by $ 27 billion to $ 1.54 trillion.

The increase in car loans and student loans was largely offset by a $ 39 billion reduction in American credit card debt and other forms of debt.

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