US household debt has risen to an all-time high

Posted:

November 11, 2021 03:50 GMT

The latest report issued by the Federal Reserve Bank of New York estimates the size of this debt at about $ 15.24 trillion.

US household debt has reached an all-time high, according to the latest reports Report From the Federal Reserve Bank of New York, released on Tuesday. The news comes after the country will score Inflation reached 6.2% in October, a level not seen in more than three decades.

The report places this increase at $286 billion in the third quarter of 2021 until up to a total of 15.24 billion, 1.1 trillion more than at the end of 2019, shortly before the start of the coronavirus pandemic.

With regard to the formation of religion, Mortgages make up the main part, an increase of 230 thousand million in the mentioned period to reach 10.67 billion at the end of September.

An investigative officer of Donghoon Lee Agency specified that with the end of the financial rescue programs launched in the country during the health crisis, there is a “reversal of trends in credit card balances observed during the epidemic, namely the reduction of consumption and payment of balances.”

“At the same time, with the lifting of epidemic restrictions and the normalization of credit card consumption, use and balances They resume their previous directions to the epidemic, although it is from lower levels.”