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Household debt tops 2008 peak ahead of financial crisis

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Household debt in US at pre crash levelU.S. household debt has topped the record level reached in 2008, a milestone for the recovery that shows consumers are borrowing again,

But while the debt doesn’t pose the risks that toppled the financial system nine years ago, there are still some signs of potential trouble, notably high student loan debt and delinquencies.

Debt balances for American households increased $149 billion, or 1.2%, in the first quarter to $12.73 trillion, the Federal Reserve Bank of New York said Wednesday. That’s modestly above the $12.68 trillion peak in 2008 and 14.1% higher than the bottom in 2013.

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