US household debt passes $17 trillion

Federal Reserve Bank of New York

US households had total debts of $17.05 trillion in the first quarter of 2023, according to data from the Federal Reserve Bank of New York.

The figure represents a 0.9% increase from the last quarter of 2022. Total US household debt equals nearly 65% of the country’s GDP, according to data from the Bureau of Economic Analysis.

Mortgages account for more than 70% of US household debt, and increased by about 1% quarter to quarter. However, the New York Fed said “mortgage originations … dropped

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