The Household Debt and Credit Report for the first quarter of 2023, prepared by the New York branch of the US Federal Reserve, has been published.
Accordingly, the total household debt of Americans in the first quarter of the year increased by 0.9 percent compared to the previous quarter, reaching $ 17.05 trillion.
Household debt, which increased by 148 billion dollars in the first quarter of the year compared to the previous quarter, increased by 1.21 trillion dollars on an annual basis.
Slowdown in housing loan growth
While the highest share of Americans’ household debt continued to be purchased by housing loans, the debt item in question rose to $12.04 trillion as of the first quarter.
Housing loan debt, which increased by 121 billion dollars in the first quarter of the year compared to the previous quarter, increased by 864 billion on an annual basis.
While housing loan growth slowed down, housing loan use, including refinancing, fell to 324 billion dollars in the first quarter of this year, the lowest level since 2014.
Other items that Americans borrowed the most during this period were student loans with $1.6 trillion, auto loans with $1.56 trillion and credit cards with $986 billion.
In the said period, student loans increased by 9 billion dollars and auto loans increased by 10 billion dollars.
Credit card debts, on the other hand, remained flat in the first quarter of this year.