Important Takeaways:

• New government data shows American consumer debt continuing to grow.
• The Federal Reserve Bank of New York’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit Wednesday (Nov. 13), showing a slight uptick in total household debt during the third quarter, up 0.8% ($147 billion) to $17.94 trillion.
• According to the report, mortgage balances climbed by $75 billion from the prior quarter, hitting $12.59 trillion at the end of September.
• Credit card balances rose by $24 billion to $1.17 trillion, while auto loan balances ticked up by $18 billion, coming to $1.64 trillion.
• Balances such as retail cards and other consumer loans, were effectively flat, climbing $2 billion, while student loan balances grew by $21 billion, reaching $1.61 trillion.
• “Aggregate delinquency rates edged up from the previous quarter, with 3.5% of outstanding debt in some stage of delinquency,” the report noted.
• And around 126,000 consumers had a bankruptcy notation added to their credit reports during the quarter, down slightly from Q2.

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