Washington (CNN Business) US households now hold more than $14 trillion of debt, a new record, the New York Federal Reserve said this week.

Total household debt rose by $193 billion during the last quarter of 2019, continuing a five-year upward trend. It now stands $1.5 trillion higher, in nominal terms, than the pre-recession peak of $12.7 trillion reached in 2008.

With the unemployment rate historically low, consumers are encouraged to spend. Credit card debt rose by $57 billion last year.

Low interest rates are making mortgages cheap , driving additional debt. The average rate on a 30-year mortgage fell below 4% in August for the first time in nearly three years. New mortgages, including refinancing, jumped to the highest volume seen since 2005.

Year-over-year, total household debt rose by $601 billion.

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