Americans In Greater Debt Than Before Pandemic
February 9, 2022 7:06AM EST
Sad woman showing her wallet with money dollar banknotes flying out away
Americans are emerging from the pandemic in even greater debt, according to a new report from the Federal Reserve.
U.S. consumer debt topped $15.6 trillion in 2021, after a one-year spike of $1 trillion – the largest single-year gain on record since 2003.
Most of that debt goes to mortgages, with credit card debt spiking sharply in the final quarter of 2021. Student loans also account for a large chunk of U.S. debt.
How do you stay on top of debt? What will this mean for the future of the housing market?
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