Just Released: Total Household Debt Nears 2008 Peak but Debt Picture Looks Much Different
Andrew F. Haughwout,
Donghoon Lee (),
Joelle Scally and
Wilbert Van der Klaauw
No 20170216, Liberty Street Economics from Federal Reserve Bank of New York
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)
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