NY Fed Q4 survey: Total US household debt up USD 4.6tln since the end of 2019

• Mortgage debt at USD 13.2tln in Q4 (up USD 98bln Q/Q).
• Credit card debt USD 1.3tln in Q4 (up USD 44bln Q/Q).
• Total US household debt USD 18.8tln (up USD 191bln Q/Q).
• Debt delinquency increased in Q4, with 4.8% of loans in some form of trouble.
• Rates of early transition into delinquency climbed for mortgages and student loans.
• Student loan debt at USD 1.7tln in Q4 (up USD 11bln Q/Q).
• Overall mortgage delinquency rate still low in Q4 over longer-term trend.
• Student loan debt delinquency 'elevated' at 9.6% of balances.
• Delinquency transition rates for auto, credit card and home equity line of credit loans steady in Q4.
• Mortgage delinquency issues concentrated in lower-income zip codes in Q4.

The NY Fed's Q4 survey reveals a notable rise in household debt, totaling $18.8 trillion, with significant quarterly increases in mortgage and credit card debt. The uptick in delinquency rates, particularly among lower-income segments, suggests growing financial strain for some households, which could influence consumer spending dynamics and inform Fed monetary policy considerations moving forward.