Household Debt Rises to New High of $17 Trillion Despite Economic Uncertainty

Total consumer debt in the US reached an all-time high of over $17 trillion in the first quarter of 2023.
Although mortgage originations declined and credit card debt remained flat, auto loan and student loan balances increased.
Delinquency rates rose across most types of consumer debt, indicating growing financial stress for many households.
The increase in debt comes as the Federal Reserve continues raising interest rates to combat high inflation, making borrowing more expensive.
The record amount of debt, much of it high-interest, threatens the financial security of millions of Americans.