The Federal Reserve Bank of New York’s Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit. This report showed that total household debt increased by $87 billion (0.6%) to $14.35 trillion in the third quarter of 2020.
The increase more than offset the decline in the second quarter of 2020. From April to June, total household debt passed its first quarter of 2020 reading. The Report is based on data from the New York Fed’s Consumer Credit Panel.
This panel is a nationally representative sample of individual- and household-level debt and credit records drawn from anonymized Equifax (EFX) credit data. This most recent report reflects consumer credit data as of Sept. 30.
Mortgage balances rose by $85 billion in the third quarter …