The total US household debt increased by 2.1% in the second quarter of 2021, expanding by $313 billion to $14.96 trillion, largely backed by a rise in mortgage originations.
- Mortgage balances, the largest component of US household debt, increased by $282 billion in the second quarter, reaching $10.44 trillion.
- Among non-mortgage debt components, credit card balance rose by $17 billion in Q2. Auto loans increased by $33 billion as student loans declined by $14 billion.
- As of June, 2.7% of outstanding debt was in the delinquency stage, a two-point percentage decrease from the 4ht quarter of 2019.
- The percentage of mortgage balances delinquent 90 days or more dropped to 0.3% as forbearance is still an option and foreclosure was largely on hold.
Auto loans and credit card debt’s 90-day delinquency rate decreased by 1.6% and 3.4% for auto loans and credit card debt respectively.
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