US Household Debt Hits Fresh Record High of Nearly $16 Trillion, NY Fed Says
Posted: Thu May 12, 2022 2:48 am
Total U.S. household debt surged to a fresh all-time high of nearly $16 trillion to kick off 2022, the latest Federal Reserve Bank of New York (FRBNY) data showed. According to the Quarterly Report on Household Debt and Credit, household borrowing surged by $266 billion, or 1.7 percent, in the first quarter to $15.84 trillion. The report found that balances are now $1.7 trillion higher compared to the end of 2019. Most of the credit and debt increase was driven by growing mortgage balances, advancing by $250 billion in the first three months of 2022. At the end of March, total mortgage debt stood at $11.18 trillion. Balances on home equity lines of credit (HELOC) were relatively unchanged, standing at $317 billion. ...
Source: https://www.theepochtimes.com/us-househ ... 61057.html
Source: https://www.theepochtimes.com/us-househ ... 61057.html