NEW YORK–U.S. household debt reached $12.29 trillion in the second quarter of 2016, up $434 billion from the same time one year earlier, as auto loans and credit card debt increased, according to a Federal Reserve Bank of New York survey.
The survey found mortgage debt was $8.36 trillion, up $246 billion from last year, while student loan debt was $1.26 trillion, up $69 billion.
The Federal Reserve Bank of New York reported some 4.8% of the outstanding debt was in some stage of delinquency, down from 5.6% from a year ago, according to the quarterly household debt and credit report.
The report further found 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.