According to the New York Federal Reserve’s quarterly Household Debt and Credit Report, U.S. household debt saw a modest increase of $212 billion in the final quarter of 2023, reaching $17.5 trillion. While overall delinquency rates rose slightly to 3.1%, particularly affecting auto loans, the figures remained lower than pre-pandemic levels. The report reflects a resilient economy with growing credit challenges amidst high inflation and rising interest rates. Despite concerns, the broad credit landscape in the U.S. remains stable, bolstered by government assistance and low mortgage rates. However, researchers warn of potential strains, especially in auto loans, urging ongoing monitoring in the coming months.
