Household debt hits $16.9 trillion nation-wide

The least ideal time to take on new debt is when interest rates are high, but according to a new Federal Reserve Bank of New York report, that's exactly what Americans are doing.

COLUMBIA, S.C. (WOLO)— The least ideal time to take on new debt is when interest rates are high, but according to a new Federal Reserve Bank of New York report, that’s exactly what Americans are doing.

The report says household debt hit $16.9 trillion last quarter.

That’s a $394 billion increase over the prior three-month period. Most of that is in the form of mortgages.

Credit card debt also increased by more than 6.5% to $986 billion.