U.S. household debt has reached unprecedented levels, signaling a growing struggle for many borrowers to manage their financial obligations.
As per the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit released recently, total U.S. household debt has surged to $17.7 trillion, marking a $184 billion increase from the previous quarter.
This surge underscores the mounting financial strain faced by American families amid increased inflation. The continual uptick in essential expenses such as food and rent has constrained household budgets, leading many to resort to credit cards for basic needs.
Since the pandemic's onset, consumers have accumulated an additional $3.4 trillion in debt, which now comes with significantly higher interest rates. In the first quarter of 2024, total credit card debt slightly decreased to $1.12 trillion from $1.13 trillion in the previous quarter, aligning with the seasonal trend of paying off holiday debt ...
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