Debt across all categories totaled $16.9 trillion as balances rose across all major categories.
Consumer debt across all categories totaled $16.9 trillion, up about $1.3 trillion from a year ago as balances rose across all major categories.The rise in balances came amid an aggressive rate-hiking campaign by the Fed.Athit Perawongmetha | Reuters
Debt across all categories totaled $16.9 trillion, up about $1.3 trillion from a year ago, as balances rose across all major categories.Despite a decline in originations, mortgage balances increased to $11.9 trillion, up about $250 billion from the third quarter and about $1 trillion from a year ago. Originations for new home loans and refinancings fell to $498 billion, less than half where they were for Q4 in 2021 and a drop of about $135 billion from the third quarter.
"Credit card balances grew robustly in the fourth quarter, while mortgage and auto loan balances grew at a more moderate pace, reflecting activity consistent with pre-pandemic levels," said Wilbert van der Klaauw, economic research advisor at the New York Fed. Student loan debt also increased for the month, after staying flat during much of the pandemic amid government-backed amnesty for borrowers. The total balance hit $1.6 trillion in the fourth quarter.
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