American households' debt burdens increased to the highest level on record in the third quarter of 2025, according to a new report by the Federal Reserve Bank of New York.
The New York Fed's Center for Microeconomic Data released its quarterly report on household debt and credit this week, which showed that household debt rose by $197 billion in the third quarter to a record of $18.59 trillion.
Mortgage balances grew by $137 billion in the quarter to a total of $13.07 trillion at the end of September, while credit card balances rose $24 billion to a total of $1.23 trillion at the end of the quarter. Auto loan balances were steady at $1.66 trillion, while student loan balances increased $15 billion to a total of $1.65 trillion.
"Household debt balances are growing at a moderate pace, with delinquency rates stabilizing," said Donghoon Lee, economic research advisor at the New York Fed. "The relatively low mortgage delinquency rates reflect the housing market's resilience, driven by ample home equity and tight underwriting standards."