U.S Household Debt Jumps to $13.3 Trillion While Student Loan Delinquencies Dip

U.S household debt continued to increase in the second quarter, propelled by an advance in mortgage borrowing, according to a Federal Reserve Back of New York report that also noted a decline in seriously delinquent student loans, Bloomberg News reported.

Total household debt rose 3.5 percent from a year earlier to a record $13.3 trillion, and mortgage debt rose 3.5 percent to $9 trillion. The majority of newly originated mortgages shutterstock_92874538.jpg (4500×4500)correlated to people with the highest credit scores, (760 or higher).

However loans slipping into delinquency fell to 4.52 percent. which is the lowest data since 2003. The drop was primarily due to student loans.

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