Household borrowing
In March, the total credit liabilities of households (including mortgage and non-mortgage loan debt) edged up 0.2% (+$6.9 billion) from February to reach $2,840.5 billion, a slowdown compared with March 2022 (+0.7%). Mortgage loan debt increased 0.3% for the fifth consecutive month in March 2023, while growth in non-mortgages decelerated to 0.02%. Real estate secured debt, composed of both mortgage debt and home equity lines of credit, rose $6.0 billion (+0.3%) to reach $2,278.9 billion.
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