HOUSEHOLD DEBT AND CREDIT REPORT (Q1 2021)
Household Debt Edges Higher, but Credit Card Balances Fall
According to the latest Quarterly Report on Household Debt and Credit, total household debt rose by $85 billion (0.6 percent) to reach $14.64 trillion in the first quarter of 2021. Mortgage balances—the largest component of household debt—rose by $117 billion, while auto and student loan balances increased by $8 billion and $29 billion, respectively. Credit card balances declined by $49 billion—the second largest quarterly decline in the history of the series (which dates back to 1999). Credit card balances are $157 billion lower than they had been at the end of 2019, consistent with both paydowns among borrowers and constrained consumption opportunities.

For more details:
Report: Q1 2021
Blog: Credit Card Balance Declines Are Largest Among Older, Wealthier Borrowers
Press Release: Credit Card Balances See Second Largest Quarterly Decline in Series’ History
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