Household borrowing
The total credit liabilities of households (including mortgage and non-mortgage loan debt) edged up 0.2% (+$6.7 billion) from December 2022 to reach $2,825.8 billion in January 2023. The pace of growth was nearly unchanged for mortgage loan debt (+0.3%) and slowed down for non-mortgages (+0.1%) in January. Real estate secured debt, composed of both mortgage debt and home equity lines of credit, grew $5.9 billion (+0.3%) to reach $2,267.8 billion, the smallest monthly change since June 2020.
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