Household net worth increased 5.7 percent year-over-year to $84.9 trillion in the first quarter, according to the most recent Federal Reserve’s flow of funds report released this week.

That figure represents an increase of $1.6 trillion, or about 2 percent, over the fourth quarter of last year.

Household debt increased at an annual rate of 2.2 percent in the first quarter, and consumer credit increased 5.6 percent. Mortgage debt, excluding charge-offs, declined 0.3 percent.

Nonfinancial business debt increased at a rate of 6.6 percent in the first quarter, a smaller rate than the 7.7 percent it increased during the last quarter of 2014. State and local government debt increased at an annual rate of 4.8 percent in the first quarter, while federal government debt declined 0.4 percent, after increasing 5.4 percent in the prior quarter.

Domestic nonfinancial debt totaled $41.7 trillion at the end of the first quarter. That included $13.6 trillion in household debt, $12.2 trillion in nonfinancial business debt, and $16 trillion in government debt.