Only 9 years in the making since the 2008 U.S. household debt rose by $149b in the first three months of 2017, reaching a total of $12.725t.  Keep in mind, the data is not inflation adjusted and now total debt is only 67% nominal gross GDP versus 85% of GDP in 2008.  So real deleveraging has occurred, and household balance sheets look drastically differently today with less household related debt and more student and auto debt (student debt loans rose from 4.8% to 10.6% of total indebtedness and auto went from 6.4% to 9.2%).