U.S. households added $109 billion dollars in debt last quarter
(CNN)– American households keep piling on more debt.
That’s according to data released by the New York Federal Reserve on Tuesday, Aug. 6.
Last quarter U.S. households added 109 billion dollars in debt.
That brings the total amount of debt to a record 17.8 trillion dollars.
The majority of last quarter’s uptick in household debt came from a 77 billion dollar increase in mortgage balances.
Another 27 billion dollars came from the increase in credit card debt.
This comes as high interest rates continues to stress borrowers.