Despite the high-interest environment intended to slow down borrowing, American consumers continue to run deeper and deeper into debt as they cope with sticky inflation .
Consumer credit spiked by another $20 billion in April, a 5.7% increase year on year, according to the latest data released by the Federal Reserve . Americans now owe a record $4.86 trillion in total consumer debt.
The Federal Reserve consumer debt figures include credit card debt, student loans, and auto loans, but do not factor in mortgage debt. When you include mortgages, US households are buried under more than $16.9 trillion in debt. Household debt cracked $17 trillion for the first time ever in the first quarter of this year.
Yet another big jump in credit card spending drove overall consumer debt higher in March. Revolving credit — primarily reflecting credit card debt — increased by $13.5 billion, a massive 13.1% year-on-year increase. X3 […]
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