NEW YORK (Aug 14): Americans' borrowing reached US$13.29 trillion in the second quarter, up US$454 billion from a year ago, marking a 16th consecutive quarter of increases, a New York Federal Reserve report released on Tuesday showed.
The level of U.S. consumer debt was US$618 billion higher than the previous peak of US$12.68 trillion in the third quarter of 2008. It was 19.2% above a post global credit crisis low set in the second quarter of 2013, the New York Fed said.
The ongoing growth in home, auto, student and credit loans has been linked with a solid labor market.
The rise in indebtedness did not make it more difficult for borrowers to meet their monthly payments last quarter.
The rate on seriously delinquent loans, or those that are 90 days or more past due, was 2.3% in the second quarter, unchanged from the prior quarter. Notably, the pace of student loans turning seriously delinquent slowed to 8.6% from 8.9%, the N.Y. Fed survey showed.
"While overall delinquency rates have remained stable at relatively low levels, transition rates into delinquency have fallen noticeably for student loan over the past year, reflecting an improved labor market and increased participation in various income-driven repayment plans," Wilbert van der Klaauw, senior vice president at the New York Fed, said in a statement.
The amount of student loans grew to US$1.41 trillion in the second quarter, up US$61 billion from a year before.
Total auto debt increased to US$1.24 trillion, US$48 billion above a year-ago.
Credit card loans climbed US$45 billion from a year earlier to US$829 billion.
Total mortgage debt rose to US$9.00 trillion, up US$308 billion from a year ago.