 TITLE: Mortgage Debt Sees Record Growth Despite Pandemic CONTENT: Overall Mortgage Debt Sees Highest Increase in Decade\n-----------------------------------------------------\nFrom 2019 to 2020, mortgage debt grew by 7% to reach a record high of $10.3 trillion, according to Experian data. Not only did this debt reach a record high, but it grew at the fastest rate it has in at least 10 years—underscoring how significant of a year 2020 was for home loans.\nSource: Experian\nSince the Great Recession in the late 2000s, overall mortgage debt has ebbed and flowed, with the trend of growth seen in the past seven years coming on the heels of a half-decade contraction that preceded it. In 2008, mortgage debt hit a peak at $8.7 trillion. Overall mortgage debt decreased for the five years that followed, shrinking to $7.7 trillion in 2013.\nThen, mortgage debt began a steady rebound, growing by $2.6 trillion to where it stood as of Q3 2020. For context, that growth eclipses the sum total of all student loan and credit card debt combined, and it happened in just seven years.\nDespite this bounce back in the aftermath of the Great Recession, consumers in 2020 appear well poised to manage their growing mortgage debt. Delinquency rates for mortgage holders are down (more on that later) and the average FICO® Score☉ among mortgage holders is up. These statistics, while not representative of every individual's financial situation, indicate that Americans are generally managing their mortgage debt responsibly. END