The US household debt rose by 1.3% to $17.29 trillion in the previous quarter. However, more Americans are struggling with credit card payments, with the rate of delinquency reaching its highest level since 2011. The sharpest increase in credit card delinquency was among borrowers aged 30 to 39. Delinquency rates for auto loans also rose to a 13-year high. Despite these concerning trends, overall delinquencies remain lower than pre-pandemic levels, primarily due to higher-quality mortgage loans. Credit card balances continued to grow at historic rates, reaching $1.08 trillion in the last quarter. The increase in delinquency rates is surprising given the strong economy, and researchers plan to investigate the causes further. Mortgage originations have declined, with this year projected to have the lowest values since 2014.
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