U.S. household debt climbs to $14.3T

U.S. total household debt rises 1.1% in Q1 2020 — up $1.6T, in nominal terms, from its previous peak of $12.7T in Q3 2008, according to the New York Fed's Quarterly Report on Household Debt and Credit.

Reflects increase in mortgage debt and a decline in credit card balances.

Note that the report captures consumer credit data as of March 31, 2020. However, given that individual credit accounts are typically updated monthly, the data do not fully reflect the potential effects of COVID-19 that materialized in the latter half of March.

The largest part of household debt — mortgages —  increased by $156B in Q1 to $9.71T.

Non-housing debt balances stay relatively flat with the $27B increase in student loans and $15B increase in auto loans largely offset by a $39M decline in credit card balances and other forms of debt.

Credit standards tightened moderately in Q1 as the median credit score among new auto and mortgage borrowers rose vs. Q4 2019.

As of March 31, 4.6% of all outstanding debt was in some stage of delinquency, a small decline from Q4 2019.