Feb. 18 (Bloomberg) — Consumer debt in the United States rose by the most in more than six years last quarter as Americans borrowed to buy homes and cars and to pay for education, according to a survey by the Federal Reserve Bank of New York.

Household debt increased 2.1 percent $11.52 trillion, the biggest gain since the third quarter of 2007, the survey showed. The level of debt last quarter was $180 billion higher than a year earlier, the report showed.

"After a long period of deleveraging, households are borrowing again," Wilbert van der Klaauw, senior vice president and economist at the New York Fed, said in a statement.

Recommended For You

Total indebtedness remains 9.1 percent below the peak of $12.68 trillion in the third quarter of 2008, according to the New York Fed. Foreclosures are at the lowest levels since the end of 2005.

Copyright 2018 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.