Household Debt Sees Biggest Jump In 15 Years As Americans Rely More On Credit Amid Soaring Inflation

People walk wearing masks outside the Federal Reserve Bank of New York in New York on March 18, 2020. Lucas Jackson/Reuters

American households saw their debt jump the most in 15 years in the third quarter, due to a surge in credit card use and mortgage balances.

Debt accumulated during that period shot up by $351 billion for the largest quarterly increase since 2007, according to the Federal Reserve Bank of New York on Nov. 15.