Household debt increased 2.1 percent $11.52 trillion, the biggest gain since the third quarter of 2007, the survey showed. The level of debt last quarter was $180 billion higher than a year earlier, the report showed.
|"After a long period of deleveraging, households are borrowing again," Wilbert van der Klaauw, senior vice president and economist at the New York Fed, said in a statement.
|Total indebtedness remains 9.1 percent below the peak of $12.68 trillion in the third quarter of 2008, according to the New York Fed. Foreclosures are at the lowest levels since the end of 2005.
|Copyright 2018 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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