NEW YORK – February 18, 2014 – (RealEstateRama) — In its latest Household Debt and Credit Report, the Federal Reserve Bank of New York announced that outstanding household debt increased $241 billion from the previous quarter, the largest quarter over quarter increase since the third quarter of 2007. The increase was led primarily by a 1.9 percent increase in mortgage debt ($152 billion). In Q4 2013 total household indebtedness increased to $11.52 trillion; 2.1 percent higher than the previous quarter. Overall household debt remains 9.1 percent below the peak of $12.68 trillion in Q3 2008. The report is based on data from the New York Fed’s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data.
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