Americans’ debt surpasses $17 trillion for the first time

Americans’ debt levels continue to climb to new heights at a time when economic conditions are becoming increasingly less stable.

Household debt balances set a fresh record high of $17.05 trillion during the first quarter, growing $148 billion or 0.9% from the fourth quarter of last year, the Federal Reserve Bank of New York reported Monday.

That debt load has spiked by $2.9 trillion since the end of 2019.

During the first quarter, the increases in debt were seen across practically all categories, with larger (and new record) balances for mortgages, home equity lines of credit, auto loans, student loans, retail cards and other consumer loans.

Notably, credit card balances were flat — holding at $986 million — during the first quarter, seemingly serving as an outlier; however, this is the first time in more than 20 years that there hasn’t been an outright decline in that category, NY Fed researchers said. Typically, the first three months of the year bring a bit of a breather for credit cards after their heavy holiday workout as consumers pull back on spending and pay down some debt with the help of New Year’s Resolutions or tax refunds.

That didn’t happen this time around.