New york: US household debt rose around 1% on a quarterly basis in the third quarter of this year, reaching $18.6 trillion, according to data released by the Federal Reserve New York on Wednesday.

According to Anadolu Agency, household debt increased by $197 billion in the third quarter of the year compared to the previous quarter, while it was up by $642 billion on an annual basis. Mortgages continued to account for the largest share of American household debt, rising to $13.07 trillion in the third quarter.

Housing debt increased by $137 billion in the third quarter compared to the previous quarter and rose by $478 billion year-on-year. Other items, including auto loans, incurred the most debt among Americans during this period, totaling $1.66 trillion, followed by student loans at $1.65 trillion and credit cards at $1.23 trillion.

During this period, credit card debt increased by $24 billion compared to the previous quarter, and student loan debt increased by $15 billion. Meanwhile, auto loan debt remained stable during the same period.