US household debt nears $16 trillion

Source: CNBC

“Even with rampant inflation and rapidly accelerating interest rates, household borrowing climbed to start 2022 and hit a new record, the Federal Reserve reported Tuesday. Consumer debt and credit rose 1.7% in the first quarter to $15.84 trillion. The rise in total household credit was propelled largely by a $250 billion increase in mortgage debt, which now stands at $11.18 trillion, an increase of 10% from the first quarter in 2021. Credit card balances actually fell during the three-month period by $15 billion but still remained $71 billion, or about 9% higher than they were for the same period a year ago.” (05/10/22)

https://www.cnbc.com/2022/05/10/household-debt-nears-16-trillion-despite-rising-rates-and-inflation.html