In a very interesting and fact filled article on cnbc.com they share that “Debt has surged over the past year due to inflation running near its highest pace in more than 40 years and amid rising interest rates and strong consumer demand.”
The article features these key points:
- Households increased debt at the fastest pace in 15 years due to hefty increases in credit card usage and mortgage balances.
- The credit card balance collectively rose more than 15% from the same period in 2021, the largest annual jump in more than 20 years, according to the New York Fed.
- The increase stems from “a combination of robust consumer demand and higher prices,” a Fed official said
Read the article here:
Household debt soars at fastest pace in 15 years as credit card use surges, Fed report says
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