(AURN News) – The unrelenting rise of household debt shows no signs of abating, as a troubling new report from the New York Federal Reserve reveals Americans are continuing to drown in a sea of credit and housing debt. According to a recent report released by the New York Fed, household debt soared by another $184 billion or 1.1 percent in the first quarter of 2024, pushing total debt owed by consumers to a staggering $17.69 trillion. The consumer debt crisis as a whole has ballooned by $3.5 trillion since 2019, just before the onset of the recession caused by the COVID-19 pandemic.
With costs continuing to outpace income growth due to inflation, more and more households rely on credit cards to make ends meet. The quarterly report painted a grim picture across nearly every type of consumer debt. Housing debt expanded by $403 billion in the first three months of 2024 amid still-high mortgage rates. Credit card balances continued their relentless climb, surging by trillions since early 2003. The report also shows that 121,000 people had a new bankruptcy notation added to their credit reports.
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