Rising mortgage and credit card balances fueled the biggest increase in household debt since 2007.
Total household debt balances surpassed $14 trillion for the first time.
Total household debt balances rose by $601 billion last year, topping $14 trillion for the first time, according to aFed economists said on theblog that the growth was driven mainly by a large increase in mortgage debt balances, which increased $433 billion and was also the largest gain since 2007. The economists said in the blog post that credit cards have again surpassed student loans as the most common form of initial credit history among young borrowers, following several years after the crisis when student loans were higher.
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