Summary
The Federal Reserve Bank of New York reported that U.S. household debt rose by $197 billion in the last quarter, reaching a total of $18.59 trillion. WalletHub's analysis showed that household debt increased differently across states, with the highest rise in Hawaii. The report indicates that credit card debt, student loan balances, and mortgage delinquency rates have changed, and economic concerns remain crucial for voters.
Key Facts
- U.S. household debt increased by $197 billion, totaling $18.59 trillion.
- The average household debt rise varied by state, with Hawaii seeing the largest increase of $975.
- Mortgage balances grew by $137 billion, reaching $13.07 trillion.
- Credit card balances rose by $24 billion, totaling $1.23 trillion.
- Student loan balances increased by $15 billion, reaching a total of $1.65 trillion.
- Student loan delinquency rates climbed to 9.4% by the end of the quarter.
- The government shutdown delayed food assistance payments to 42 million Americans, potentially increasing reliance on credit cards.
