American household debt over $17 trillion
COLUMBIA, S.C. (CNN)— American household debt has surpassed $17 trillion— a new high.
That’s according to the Federal Reserve Bank of New York.
The debt grew $148 billion or nearly 1% from the fourth quarter of last year.
Americans increased debt across nearly all categories, but the largest balances were for mortgages, home equity lines of credit, auto loans, student loans, and retail cards.
Meanwhile, credit card balances remained flat at $986 million. Experts attribute this growth to inflation, spending increases, and typical consumer behavior.