New York Fed survey sees household debt at $11.85 trillion
- Household debt up $2 in Q2 overall
- Mortgage balances decline $55 billion, foreclosures at 16-year low
- Auto loan balances rise $38B
- Student loan balances up $1B
- Credit card balances up $19B
The lack of any kind of acceleration in borrowing gives the Fed time to breathe on raising rates. There's no need to cool off borrowing markets.