U.S. households increased their debt last quarter by 0.3 percent as mortgage balances showed a “small increase,” according to a survey by the Federal Reserve Bank of New York.
Consumer indebtedness totaled $11.5 trillion at the end of March, up $33 billion from Dec. 31, according to the New York Fed’s quarterly report on household debt and credit released Monday. Households have slashed $1.03 trillion, or 8.2 percent, from outstanding consumer debts since the peak in the third quarter of 2008, the New York Fed said.
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