(Bloomberg) — American households increased their borrowing over the past year at the fastest pace of the U.S. economic expansion, according to the Federal Reserve Bank of New York.
Consumer debt levels rose 4.5% in the year through June to $12.84 trillion, data published Tuesday by the New York Fed showed. Mortgage borrowings were up 3.9%, while credit-card balances increased 7.5%. Both marked the fastest rate of increase since 2008. Auto- and student-loan debt levels also rose.
The percentage of balances that became 30 or more days delinquent in the second quarter of 2017 ticked up for each of the four debt categories. Credit-card debt saw the largest percentage increase in transitions to delinquency — to 6.2%, from 5.1% a year earlier.
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