US Consumer Debt Surpasses $17 Trillion , for First Time Ever.
On May 15, the Federal Reserve Bank of
New York revealed that Americans' debt
hit an all-time high in Q1 2023.
Consumer debt rose $148 billion from Q4 2022
and $1.2 trillion since last year, reports 'The Hill.'.
Mortgages represented the most substantial increase in debt, with a $121 billion climb in balances.
Total U.S. mortgage debt
now sits at over $12 trillion.
Auto loans rose $10 billion
last quarter, reaching $1.56 trillion.
Student loan debt hit $1.6 trillion.
Credit card debt stayed flat at $986 billion.
The Federal Reserve continues to implement rate hikes in an attempt to fight inflation.
It recently announced its 10th straight increase since March to bring rates to between 5% and 5.25%.
However, the latest jobs report showed that 236,000 jobs were added in April, indicating that the economy isn't cooling as quickly as anticipated.