HMM: U.S. household debt climbs to record high.

The quarterly survey on household debt and credit showed that overall delinquency rates were roughly flat at 4.8 percent. While balances have steadily shifted to more credit-worthy borrowers, New York Fed economists raised some concern over the 11 percent of student loan debt that was “seriously delinquent” at the end of March.

“This record debt level is neither a reason to celebrate nor a cause for alarm,” Donghoon Lee, a research officer at the New York Fed, said in the report. “Auto loan and credit card delinquency flows are now trending upwards, and those for student loans remain stubbornly high.”

And generally can’t be discharged through bankruptcy.