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How Deep Americans Went Into Debt Before It All Turned Upside Down
7 Views • May 05, 2020
Description
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.
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