Hooray! A New York Fed report on Household Debt and Credit shows household debt hit an all-time high in the third quarter of 2017.
Mortgage balances, the largest component of household debt, which stood at $8.47 trillion as of September 30, saw a $52 billion uptick from the second quarter of 2017.
Balances on home equity lines of credit (HELOC) were declined slightly, and now stand at $448 billion.
Household Debt Composition
Mortgages by Credit Score
Auto Loans by Credit Score
With stagnant real wages, how precisely is this debt supposed to be paid back?
Here's a hint: It won't.
This increase in unpayable debt is a very deflationary setup.
Mike "Mish" Shedlock