TFC - U.S. household debt drives up to $15.58T in Q4 as home auto prices climb

Total U.S. household debt rose by 2.2% to $15.58T in Q4, with total overall debt for the year marking its largest increase, on a nominal basis, since before the 2008 financial crisis, the Federal Reserve Bank of New York said in a report. The numbers reflect sharply higher prices for homes and auto loans during 2021. For 2021, households' total debt balance increased $1T and is $1.4T higher than at the end of 2019. Mortgage balances rose by $258B in Q4, standing at $10.93T at the end of the year. Mortgage originations were at $1T in Q4, with $4.5T in mortgages originated over the course of the year. Credit balances rose by $52B, the largest quarterly increase in the New York Fed's 22 years of data. To provide some perspective, the credit card balances are still $71B lower than at the end of 2019. During the pandemic, many households had

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U.S. household debt drives up to $15.58T in Q4 as home, auto prices climb