NEWS REPORT:

Household debt rose to $17.3 trillion in the third quarter of the year, an increase of $228 billion from the last quarter, the New York Fed said.

Credit card balances rose by $48 billion to $1.08 trillion. Student loan balances rose to $1.6 trillion. Mortgage debt rose to $12.4 trillion.

Auto loan balances rose to $1.6 trillion.

Loan delinquencies were up for most debt types except student loans.

“Credit card balances experienced a large jump in the third quarter, consistent with strong consumer spending and real GDP growth,” said Donghoon Lee, Economic Research Advisor at the New York Fed. “The continued rise in credit card delinquency rates is broad-based across area income and region, but particularly pronounced among millennials and those with auto loans or student loans.”

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End Times Prophecy Watch is an online ministry focused on sharing the Gospel and end times related news pertaining to end times bible prophecy. Our mission is to keep people informed on the times and season we are living in. We are focused on remaining obedient to our calling!