US household debt rose to $12.29tn for H1 2016, up $434bn from 2015, due to a rise in auto loans and credit card debt, according to the Federal Reserve Bank of New York. The Fed said that consumer spending was supported by rising incomes but also “reflected an increase in personal debt”. A further study by the Federal Reserve reveals that an increasing number of US citizens are expected to miss loan payments.
US household debt rose to $12.29tn for H1 2016, up $434bn from 2015, due to a rise in auto loans and credit card debt, according to the Federal Reserve Bank of New York. Mortgage debt also increased to $8.36tn, up $246bn from last year, along with student loan debt, up $69bn to $1.26tn. A further study by the Federal Reserve reveals that an increasing number of US citizens are expected to miss loan payments.