Household debt increased by $51 billion in the fourth quarter of 2015, and now totals $12.12 trillion, or more than $40,000 per household, according to a report from the Federal Reserve Bank of New York.

This level of debt is 4.4 percent shy of the record-high household debt of $12.68 trillion seen in 2008.

Mortgage debt represents the largest share of overall household debt. In the fourth quarter of 2015, however, most of the growth of the $51 billion increase came from student loan debt.

The majority of the $12 trillion in household debt comes from mortgage debt, which totaled $8.25 trillion in the fourth quarter of 2015.

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