Move Over Student Loan Debt: Auto Loan Debt Tops $1 Trillion For First Time; All Consumer Debt Nearing $12 Trillion

Now that the Great Recession has gone from “is it really over?” to “remember when?” more Americans are buying cars, pushing auto loan debt beyond the $1 trillion mark for the first time in U.S. history.

That’s according to a new report [PDF] from the New York Federal Reserve Bank, which found consumers’ overall indebtedness increased $2 billion in the second quarter of 2015.

In all, the report found that consumers took out $119 billion in auto loans from April to June of this year, an increase from the $95 billion in auto loans obtained in the first quarter of the year.

Auto loan originations for 2015 are currently on pace to surpass the record 17.4 million loans issues in 2000, the Los Angeles Times reports.

In addition to the increase in auto loans, the Household Debt and Credit Report for the second quarter of 2015, saw other increases in consumer debt.

Read on.

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