Americans racked up more debt at the beginning of 2023 – and a growing number of households fell behind on payments for several types of loans, according to a New York Federal Reserve report published Monday.

In the first three months of 2023, total household debt surged to a fresh record of $17.05 million, an increase of $148 billion, or 0.9% from the previous quarter. Balances are now $2.9 trillion higher than they were at the end of 2019, before the COVID-19 pandemic began.

Debt largely grew across the board. 

Mortgage balances jumped by $121 billion to $12.04 trillion at the end of March, even as mortgage originations plummeted to the lowest level since 2014. Auto loan balances, meanwhile, rose by $10 billion in the first quarter – bucking the typical trend of balance declines in first quarters. Student loan debt also posted a modest increase, rising to $1.6 trillion. ... Read More: FOX Business