Household debt in the U.S. totals a staggering $12.58 trillion, a level not seen since 2008, according to the New York Federal Reserve’s quarterly report released Thursday.
The figure represents a $226 billion increase in household debt for the fourth quarter, the largest quarterly increase since 2013.
The ballooning debt figure is attributed mostly to rising reliance on home and auto loans, the report said. Credit card debt and student loans also played a part.
But there’s no evidence in the New York Fed’s report to show that people can’t handle the debt they’re taking on, as bankruptcies and foreclosures hit an 18-year low in the last quarter of 2016.
