According to data from the Federal Reserve, consumers ended 2021 with debt totaling a staggering $15.6 trillion. In the fourth quarter alone this was a year-over-year jump of $333 billion. In addition to the biggest quarterly gain since 2007, the largest annual gain was recorded going back to 2003.
What was the largest debt-load increase? Well, it should come as no surprise that this comes from mortgages—which comprised 87 percent of consumer debt. By the end of 2021, balances skyrocketed by nearly $11 trillion, including $890 billion in the fourth quarter. Originations of mortgages reached a record high of more than $4.5 trillion for the year as well.
