How Deep Americans Went Into Debt Before It All Turned Upside Down
- 4 years ago
New figures reveal Americans were living large in the first quarter of 2020, but holding back on paying with plastic.
Business Insider reports US consumer debt ballooned to a record high before the coronavirus pandemic hit hard.
Total household debt increased 1.1% to $14.3 trillion through March of 2020. The previous record of $12.68 trillion was in 2008.
The New York Federal Reserve says mortgage balances rose to $9.71 trillion in the first quarter, jumping $156 billion.
Credit card balances declined by $34 billion in the quarter, a notably larger drop from the same period last year.
Business Insider reports US consumer debt ballooned to a record high before the coronavirus pandemic hit hard.
Total household debt increased 1.1% to $14.3 trillion through March of 2020. The previous record of $12.68 trillion was in 2008.
The New York Federal Reserve says mortgage balances rose to $9.71 trillion in the first quarter, jumping $156 billion.
Credit card balances declined by $34 billion in the quarter, a notably larger drop from the same period last year.