Household Debt Jumps by Greatest Amount in 2 Decades to Record $16.9 Trillion

Household Debt Jumps by Greatest Amount in 2 Decades to Record $16.9 Trillion
A display of credit cards. Joe Raedle/Getty Images
Tom Ozimek
Updated:
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Americans are borrowing like never before, according to a new report from the Federal Reserve that revealed U.S. household debt swelled to a record $16.9 trillion in the final quarter of 2022, notching the largest quarterly increase in 20 years.

Total debt balances grew by $394 billion in the fourth quarter, driven mostly by a $254 billion increase in mortgage balances, according to the latest Quarterly Report on Household Debt and Credit from the Federal Reserve Bank of New York, released on Feb. 16.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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