K-12 Tax & Spending Climate: “Household Debt Increased, Fifth Consecutive Year Of Positive Annual Growth” by Bill McBride on 2/13/2018 03:11:00 PM

Bill McBride:

The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit,which reported that total household debt increased by $193 billion (1.5%) to $13.15 trillion in the fourth quarter of 2017. This report marks the fifth consecutive year of positive annual household debt growth. There were increases in mortgage, student, auto, and credit card debt (increasing by 1.6%, 1.5%, 0.7% and 3.2% respectively) and another modest decline in home equity line of credit (HELOC) balances (decreasing by 0.9%). The Report is based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample of individual- and household-level debt and credit records drawn from anonymized Equifax credit data.
Read more at http://www.calculatedriskblog.com/2018/02/ny-fed-q4-report-household-debt.html#7qrOuYQiUUgSTlkq.99