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Household Debt Rises for First Time in Over Three years
Household Debt Rises for First Time in Over Three years
Household Debt Rises for First Time in Over Three years
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March 9, 2012 (Chris Moore)

Household debt in the United States increased at an annual rate of 0.3 percent in the fourth quarter of 2011 according to the Federal Reserve’s latest Flow of Funds Report, the first increase in household debt since the second quarter of 2008.

Total outstanding household debt increased from $13,209.3 billion in the third quarter of 2011 to $13,222.9 billion in the fourth quarter, an increase of 13.6 billion. Total household debt peaked in the second quarter of 2008 at $13,900.9 billion.

The increase in debt was led by a $42.6 billion increase in new consumer debt, which includes auto loans and credit cards. That was a 1.7 percent increase from the third quarter and the highest amount of debt consumers had taken on any one quarter since the third quarter of 2007.

Total outstanding consumer debt increased from $2.478 trillion in the third quarter of 2011 to $2.521 trillion by the end of the fourth quarter. Consumer debt peaked in the second quarter of 2008 at $2.609 trillion and fell to a four year low in the third quarter of 2010 but has been on the rise every quarter since.

Households continued to shed their home mortgage debt in the fourth quarter, paying off a total of $34.8 billion worth of mortgage debt.

Total mortgage debt fell 0.4 percent from the third quarter, falling from $9.875 trillion to $9.841 trillion. The last time that total mortgage debt was that low was in the fourth quarter of 2006 when total mortgage debt stood at $9.868 trillion. Household mortgage debt peaked at $10.615 trillion in the first quarter of 2008.

For the entire year of 2011, total household debt declined by 0.8 percent, mortgage debt declined by 2.1 percent and consumer debt increased by 3.5 percent.

Household net worth, the difference between the value of assets and liabilities, was $58.5 trillion at the end of 2011, about $1.2 trillion more than at the end of the third quarter, but still down for the entire year.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

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With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
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HOW LOANRATENETWORK
LOAN CENTER WORKS
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LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools
Mortgage
Calculator
Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

March 9, 2012 (Chris Moore)

Household debt in the United States increased at an annual rate of 0.3 percent in the fourth quarter of 2011 according to the Federal Reserve’s latest Flow of Funds Report, the first increase in household debt since the second quarter of 2008.

Total outstanding household debt increased from $13,209.3 billion in the third quarter of 2011 to $13,222.9 billion in the fourth quarter, an increase of 13.6 billion. Total household debt peaked in the second quarter of 2008 at $13,900.9 billion.

The increase in debt was led by a $42.6 billion increase in new consumer debt, which includes auto loans and credit cards. That was a 1.7 percent increase from the third quarter and the highest amount of debt consumers had taken on any one quarter since the third quarter of 2007.

Total outstanding consumer debt increased from $2.478 trillion in the third quarter of 2011 to $2.521 trillion by the end of the fourth quarter. Consumer debt peaked in the second quarter of 2008 at $2.609 trillion and fell to a four year low in the third quarter of 2010 but has been on the rise every quarter since.

Households continued to shed their home mortgage debt in the fourth quarter, paying off a total of $34.8 billion worth of mortgage debt.

Total mortgage debt fell 0.4 percent from the third quarter, falling from $9.875 trillion to $9.841 trillion. The last time that total mortgage debt was that low was in the fourth quarter of 2006 when total mortgage debt stood at $9.868 trillion. Household mortgage debt peaked at $10.615 trillion in the first quarter of 2008.

For the entire year of 2011, total household debt declined by 0.8 percent, mortgage debt declined by 2.1 percent and consumer debt increased by 3.5 percent.

Household net worth, the difference between the value of assets and liabilities, was $58.5 trillion at the end of 2011, about $1.2 trillion more than at the end of the third quarter, but still down for the entire year.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

March 9, 2012 (Chris Moore)

Household debt in the United States increased at an annual rate of 0.3 percent in the fourth quarter of 2011 according to the Federal Reserve’s latest Flow of Funds Report, the first increase in household debt since the second quarter of 2008.

Total outstanding household debt increased from $13,209.3 billion in the third quarter of 2011 to $13,222.9 billion in the fourth quarter, an increase of 13.6 billion. Total household debt peaked in the second quarter of 2008 at $13,900.9 billion.

The increase in debt was led by a $42.6 billion increase in new consumer debt, which includes auto loans and credit cards. That was a 1.7 percent increase from the third quarter and the highest amount of debt consumers had taken on any one quarter since the third quarter of 2007.

Total outstanding consumer debt increased from $2.478 trillion in the third quarter of 2011 to $2.521 trillion by the end of the fourth quarter. Consumer debt peaked in the second quarter of 2008 at $2.609 trillion and fell to a four year low in the third quarter of 2010 but has been on the rise every quarter since.

Households continued to shed their home mortgage debt in the fourth quarter, paying off a total of $34.8 billion worth of mortgage debt.

Total mortgage debt fell 0.4 percent from the third quarter, falling from $9.875 trillion to $9.841 trillion. The last time that total mortgage debt was that low was in the fourth quarter of 2006 when total mortgage debt stood at $9.868 trillion. Household mortgage debt peaked at $10.615 trillion in the first quarter of 2008.

For the entire year of 2011, total household debt declined by 0.8 percent, mortgage debt declined by 2.1 percent and consumer debt increased by 3.5 percent.

Household net worth, the difference between the value of assets and liabilities, was $58.5 trillion at the end of 2011, about $1.2 trillion more than at the end of the third quarter, but still down for the entire year.

Tags: Federal Reserve, Flow of Funds, mortgage debt, consumer debt, household debt

Source:
Federal Reserve

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

LoanRateNetwork

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