Consumer debt increased by $313b to $14.96t in 2Q 2021. Mortgage loans rose $282b to $10.44t. Credit card balances rose $17b but still $140b lower than 4Q19. Auto loans rose $33b, student loans dropped $14b. In total, non-housing debt grew by $44b.
The number of credit inquiries within the past six months – an indicator of consumer credit demand – increased to $121 million, a 3.7% increase from the previous quarter, after having declined since the second quarter of 2020. There were 206 million new accounts opened in the second quarter, a jump after subdued account openings since the pandemic hit.
The number of credit inquiries within the past six months – an indicator of consumer credit demand – increased to $121 million, a 3.7% increase from the previous quarter, after having declined since the second quarter of 2020. There were 206 million new accounts opened in the second quarter, a jump after subdued account openings since the pandemic hit.
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