Just Released: Total Household Debt Nears 2008 Peak but Debt Picture Looks Much Different

Andrew Haughwout, Donghoon Lee, Joelle Scally and Wilbert van der Klaauw

No 20170216, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The latest Quarterly Report on Household Debt and Credit from the New York Fed?s Center for Microeconomic Data showed a substantial increase in aggregate household debt balances in the fourth quarter of 2016 and for the year as a whole. As of December 31, 2016, total household debt stood at $12.58 trillion, an increase of $226 billion (or 1.8 percent) from the third quarter of 2016. Total household debt is now just 0.8 percent ($99 billion) below its third quarter 2008 peak of $12.68 trillion, and 12.8 percent above the second quarter 2013 trough. But debt looks very different in 2016 than it did the last time we saw this level of indebtedness.

Keywords: quarterly report; household debt and credit (search for similar items in EconPapers)
JEL-codes: D1 (search for similar items in EconPapers)
Date: 2017-02-16
References: Add references at CitEc
Citations:

Downloads: (external link)
https://libertystreeteconomics.newyorkfed.org/2017 ... -much-different.html (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fednls:87177

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Liberty Street Economics from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().