US Consumer Debt Surpasses $17 Trillion , for First Time Ever.
On May 15, the Federal Reserve Bank of
New York revealed that Americans' debt
hit an all-time high in Q1 2023.
Consumer debt rose $148 billion from Q4 2022
and $1.2 trillion since last year, reports 'The Hill.'.
Mortgages represented the most substantial increase in debt, with a $121 billion climb in balances.
Total U.S. mortgage debt
now sits at over $12 trillion.
Auto loans rose $10 billion
last quarter, reaching $1.56 trillion.
Student loan debt hit $1.6 trillion.
Credit card debt stayed flat at $986 billion.
The Federal Reserve continues to implement rate hikes in an attempt to fight inflation.
It recently announced its 10th straight increase since March to bring rates to between 5% and 5.25%.
However, the latest jobs report showed that 236,000 jobs were added in April, indicating that the economy isn't cooling as quickly as anticipated.
On May 15, the Federal Reserve Bank of
New York revealed that Americans' debt
hit an all-time high in Q1 2023.
Consumer debt rose $148 billion from Q4 2022
and $1.2 trillion since last year, reports 'The Hill.'.
Mortgages represented the most substantial increase in debt, with a $121 billion climb in balances.
Total U.S. mortgage debt
now sits at over $12 trillion.
Auto loans rose $10 billion
last quarter, reaching $1.56 trillion.
Student loan debt hit $1.6 trillion.
Credit card debt stayed flat at $986 billion.
The Federal Reserve continues to implement rate hikes in an attempt to fight inflation.
It recently announced its 10th straight increase since March to bring rates to between 5% and 5.25%.
However, the latest jobs report showed that 236,000 jobs were added in April, indicating that the economy isn't cooling as quickly as anticipated.
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