Fed: Household debt grows 3.6 percent in 2nd quarter, fastest since 1st quarter of 2008


The federal debt grew at the slowest pace since 2007 in the second quarter, the Federal Reserve said on Thursday.

But household debt grew 3.6 percent, which was the fastest in more than six years.

Meanwhile, U.S. household net worth hit a record high in the second quarter as the stock market continued its upward climb and property values rose. Net worth nudged up 1.7 percent to $81.5 trillion.

The S&P 500 set another intraday record on Thursday, with the Federal Reserve continuing with a highly accommodative monetary policy for a recovering U.S. economy.

Credit card, auto and student loan debt all grew during the quarter.

—CNBC with Reuters