New York Fed: Total household debt increased by $185 billion in the second quarter compared to the first quarter, reaching $18.39 trillion.

Mortgage debt increased by $131 billion in the second quarter compared to the first quarter, reaching $12.94 trillion.

Auto loan debt increased by $13 billion in the second quarter compared to the first quarter, reaching $1.66 trillion.

The overall default rate remained high at 4.4% in the second quarter, with an increase in the proportion of overdue student loan debt.

This indicates that while the U.S. economy is developing, much of it is still being driven by loans, and the increase in overdue loans, especially student loans, is likely indicative of rising employment pressures.

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