Household Debt Hits Record High of $14.1 Trillion
(Worthy News) – U.S. household debt set a new record in the final quarter of 2019, the Federal Reserve Bank of New York said in a report on Tuesday, climbing to a historic peak of $14.1 trillion.
Total household debt balances grew by $601 billion in 2019, which is the largest annual gain since 2007, around the time of the onset of the global financial crisis.
According to a note from economists at the New York Fed, the bulk of the debt growth was driven by a large increase in mortgage debt balances, which rose by $433 billion last year. [ Source: Epoch Times (Read More…) ]
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