(Reuters) - U.S. household debt hit $12.29 trillion in the second quarter, up $434 billion from a year earlier as auto loans and credit card debt increased, a Federal Reserve Bank of New York survey showed on Tuesday. Some 4.8 percent of the outstanding debt was in some stage of delinquency, down from 5.6 percent from a year ago, according to the quarterly household debt and credit report. Auto debt was $1.10 trillion, up $97 billion from a year earlier, while the aggregate credit card limit increased for the 14th straight quarter, reflecting Americans’ easier access to credit as the 2007-2009 financial crisis fades. Mortgage debt was $8.36 trillion, up $246 billion from last year, while student loan debt was $1.26 trillion, up $69 billion. Reporting by Jonathan Spicer; Editing by Chizu Nomiyama
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.