Xinhua
05 Aug 2022, 04:30 GMT+10
LONDON, Aug. 4 (Xinhua) -- A Federal Reserve report showed that household debt in the United States has risen to 16.15 trillion U.S. dollars in the second quarter of this year, Reuters has reported.
The increase was driven "mostly by a 207 billion U.S. dollars jump in mortgage balances, with credit card and auto loan debt also rising as consumers lifted their borrowing to deal with soaring inflation," said a story published by the news agency on Tuesday.
Quoting the New York Fed's quarterly household debt report, Reuters said the overall delinquency rates for all types of debt increased modestly, especially in lower-income regions.
Mortgage debt rose to 11.39 trillion U.S. dollars at the end of June, said the report, adding that purchase mortgage originations were also up 7 percent in the second quarter.
"All debt types saw sizable increases, with the exception of student loans," said the regional Fed bank's researchers in the news report. "In part, the growth in each debt type reflects increased borrowing due to higher prices."
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