Many analysts have expressed concern about the growth of consumer debt and its effect on the U.S. economy. Some fear that the combination of increasing debt and higher interest rates will impair the ability of households to meet their monthly financial obligations. However, interest payments as a percentage of disposable income have actually fallen since the end of the recession in 2001. Total household debt has increased since the end of the recession, but the vast majority of the increase can be attributed to the growth of home mortgage debt spurred by historically low mortgage interest rates.

"It is encouraging that more and more families are now able to invest in the American dream of homeownership," said Chairman Bennett. "The recent period of low interest rates has allowed many to buy their own homes for the first time, leading to the largest percentage of homeownership in American history."

Highlights:

More than 90 percent of the increase in total household debt since the end of the recession is due to growth in home mortgage debt.

As a share of total household debt, consumer credit (e.g., credit cards and automobile loans) has fallen to its lowest level in a decade.

After rising throughout the 1990s, the burden of household debt has fallen in recent years.

Total household assets are more than five times larger than total household liabilities.