Household debt rose $114 billion to a record $12.84 trillion in the second quarter, driven by increases in mortgage debt, auto loans and credit card balances, according to a new report from the Federal Reserve Bank of New York.
It was the twelfth consecutive quarterly increase in household debt levels, which stood a little more than 1% above the previous peak set almost nine years ago and 0.9% above the first-quarter level.
(Related: When Debt Is Good)
All major categories of household debt rose except home equity lines of credit, which fell slightly to $452 billion.
What Your Peers Are Reading
(Related: The New Shape of US Household Debt)
Mortgage debt remained the biggest burden for households, topping $8.6 trillion, followed by student loan debt ($1.34 trillion) and auto loan debt (1.19 trillion).
Auto loan debt led the percentage increase from a year ago, up 7.8%, followed by credit card debt, up 7.5%, and student loan debt, up almost 7%.