Although quarterly mortgage debt outstanding ascended, home-secured credit lines contracted. As mortgage originations increased, lenders were more restrictive than a year ago.

Aggregate household indebtedness — including credit cards, student loans and loans secured by automobiles and single-family properties — totaled $13.29 billion in the second quarter.

Consumer debt outstanding expanded 0.6 percent from the first quarter, has increased for 16 consecutive quarters, and now stands at its highest level ever,

The details were reported Tuesday by the federal Reserve Bank of New York in its Quarterly Report on Household Debt and Credit based on data provided by Equifax.

Source: Mortgage Daily