Total U.S. household debt surged to a fresh all-time high of nearly $16 trillion to kick off 2022, the latest Federal Reserve Bank of New York (FRBNY) data showed.
According to the Quarterly Report on Household Debt and Credit, household borrowing surged by $266 billion, or 1.7 percent, in the first quarter to $15.84 trillion. The report found that balances are now $1.7 trillion higher compared to the end of 2019.
Most of the credit and debt increase was driven by growing mortgage balances, advancing by $250 billion in the first three months of 2022. At the end of March, total mortgage debt stood at $11.18 trillion. Balances on home equity lines of credit (HELOC) were relatively unchanged, standing at $317 billion.
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