US Household Debt Drops by $13 Billion to $18.771 Trillion

Household debt in the US has decreased by $13 billion to stand at $18.771 trillion, according to the Federal Reserve Bank of New York's latest data.

The quarterly drop is a slight decrease from the previous quarter, but total debt still increased by $383 billion compared to the same period last year.

Mortgage balances led the decline, dropping by $74 billion to total $13.117 trillion at the end of June, although annual mortgage growth remained positive with a $182 billion increase.

Joelle Scally, Economic Policy Advisor at the New York Fed, noted that delinquency rates across most products have held steady over the past two years, but new delinquencies for auto loans and credit cards remain elevated.