US Household Debt Hits Fresh Record High of Nearly $16 Trillion, NY Fed Says

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US Household Debt Hits Fresh Record High of Nearly $16 Trillion, NY Fed Says
People walk by a window sticker advertising Visa and MasterCard credit cards in San Francisco on Feb. 25, 2008. Justin Sullivan/Getty Images
Andrew Moran
|Updated:

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 show.

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.
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Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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