U.S. household debt up 9.1% in Q3 [View All]

[Robbien]

WASHINGTON (CBS.MW) - Debt levels of U.S. households increased at a 9.1 percent annual rate in the third quarter to $9.95 trillion, the Federal Reserve said Thursday.

Household net worth increased about half as fast, rising $545 billion to $46.7 trillion, the Fed said in its quarterly flow of funds report. Read the full report.

Total U.S. debt increased at a 7.4 percent annual rate to $23.6 trillion, as federal debt slowed to a 4.9 percent growth rate. Debt owed by U.S. businesses increased at a 5.1 percent rate, the fastest in five quarters.

Household mortgage debt increased at an 11.8 percent annual rate to $7.3 trillion, which was offset by higher asset values. Household real estate was worth $16.6 trillion, up more than 20 percent at an annual rate.

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