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QUARTERLY REPORT ON HOUSEHOLD DEBT AND CREDIT
Total household debt increased by 0.9 percent in the first quarter to reach $17.05 trillion. Balances now stand $2.9 trillion higher than before the pandemic recession. Mortgage originations, which include refinances, dropped sharply to $324 billion, the lowest level seen since 2014.
May 15, 2023
May 15, 2023
SCE HOUSEHOLD SPENDING SURVEY
April Survey: The median reported year-over-year increase in monthly nominal household spending decreased to 5.4 percent in April from 7.1 percent in December, led by respondents with annual household incomes of less than $50,000 and those with a high school education or less.
May 12, 2023
May 12, 2023
HOUSEHOLD DEBT AND CREDIT REPORT (Q1 2023)
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Household Debt Rises on Higher Mortgage, Auto, Student Loan Balances
Total household debt rose by $148 billion, or 0.9 percent, to $17.05 trillion in the first quarter of 2023, according to the latest Quarterly Report on Household Debt and Credit. Mortgage balances climbed by $121 billion and stood at $12.04 trillion at the end of March. Auto loan and student loan balances also increased to $1.56 trillion and $1.60 trillion, respectively, but credit card balances were flat at $986 billion.
For more details:
Report: Q1 2023
Blog: The Great Pandemic Mortgage Refinance Boom
Press Release: Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage Loan Growth Slows
For more details:
Report: Q1 2023
Blog: The Great Pandemic Mortgage Refinance Boom
Press Release: Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage Loan Growth Slows
- Mortgage balances shown on consumer credit reports increased by $121 billion during the first quarter of 2023 and stood at $12.04 trillion at the end of March, a modest increase.
- Balances on home equity lines of credit (HELOC) increased by $3 billion, the fourth consecutive quarterly increase following a nearly 13 year declining trend;
- the outstanding HELOC balance stands at $339 billion.
- Credit card balances were flat in the first quarter, at $986 billion, bucking the typical trend of balance declines in first quarters.
- Auto loan balances increased by $10 billion in the first quarter, continuing the upward trajectory that has been in place since 2011.
- Other balances, which include retail cards and other consumer loans, increased by $5 billion.
- Student loan balances now stand at $1.60 trillion, up by $9 billion from the previous quarter. In total, non-housing balances grew by $24 billion.
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