WASHINGTON, Dec. 9 (UPI) -- The U.S. Federal Reserve said Thursday household debt rose at a 9.1 percent annual rate in the third quarter to $9.95 trillion.
The Fed said household net worth increased about half as fast, rising $545 billion to $46.7 trillion.
Total U.S. debt increased at a 7.4 percent annual rate to $23.6 trillion, as federal debt slowed to a 4.9 percent growth rate. Debt owed by U.S. businesses increased at a 5.1 percent rate, the fastest in five quarters.
Household mortgage debt increased at an 11.8 percent annual rate to $7.3 trillion, which was offset by higher asset values. Household real estate was worth $16.6 trillion, up more than 20 percent at an annual rate.
The Fed said consumer credit increased at a 6 percent annual rate in the quarter to $2.1 trillion and disposable personal income increased at a 3 percent annual rate to $8.6 trillion.
