The agency says that on a seasonally adjusted basis, household credit market debt as a proportion of household disposable income rose to 184.5 percent in the first quarter, up from 181.7 percent in the fourth quarter of 2022.
The figure translates to $1.85 in credit market debt for every dollar of household disposable income.
The household debt service ratio, measured as total obligated payments of principal and interest on credit market debt as a proportion of household disposable income, was 14.90 percent in the first quarter of 2023, up from 14.40 percent in the fourth quarter of 2022.
The increase came as households borrowed $16.5 billion on a seasonally adjusted basis in the first quarter including $11.2 billion in mortgage debt.
The total seasonally adjusted stock of household credit market debt, which includes consumer credit, and mortgage and non-mortgage loans, rose 0.6 percent from the fourth quarter of 2022 to $2.84 trillion in the first quarter of 2023, including $2.11 trillion in mortgage debt.
