(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 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 Bank reveals that an increasing number of US citizens are expected to miss loan payments.