New York Fed: Household debt balance rises $197B to $18.6T

Core Insights - Household debt balances rose by $197 billion in Q3, reaching a new record of $18.6 trillion, indicating a modest increase [1] - Delinquencies have risen, particularly in credit cards and student loans, with 9.4% of all student loan debt being 90 days or more delinquent, down from 10.2% in Q2 but still elevated [3][4] Household Debt Overview - Mortgage, student loan, and credit card debts all saw modest increases, while auto loan debt remained flat [2] - Serious delinquency rates, defined as 90 days or more overdue, are highest among the 30 to 39 and 40 to 49 age groups, with a concentration in lower-income and younger populations [3] Economic Indicators - The services sector showed some growth in new orders, but overall employment has contracted for five consecutive months, indicating mixed signals in the economy [5][6] - The Federal Reserve is facing uncertainty regarding the economy's strength, with conflicting data making it difficult to determine whether to raise or cut interest rates [7][8]