US Household Debt Jumps to $17.3 Trillion in Q3 Driven by Credit Card Spending and Economic Growth
-
Total US household debt levels rose to $17.29 trillion in Q3, with a big jump in credit card debt tied to strong consumer spending and economic growth.
-
Credit card balances rose 4.7% to $1.08 trillion as consumer spending and GDP growth were robust in Q3.
-
Housing market activity has slowed with the surge in borrowing costs and highest mortgage rates in decades.
-
Debt delinquencies increased but remain below pre-pandemic levels; more pronounced among millennials and those with student loans.
-
Auto and student loan balances continued to rise in Q3 while new mortgage originations totaled $386 billion.