The total jumped by $351 billion in the third quarter, mostly due to mortgages and credit card usage, the regulator reports
US household debt jumped during the third quarter at its fastest pace in 15 years due to increases in credit card usage and mortgage balances, a Federal Reserve report revealed this week.
According to the Fed, total debt hit a record $16.5 trillion, up 2.2% from the previous quarter and 8.3% from a year ago. Households added $351 billion in debt for the July-to-September period, the regulator said.
The increase follows a $310 billion leap in the second quarter and represents an annual rise of $1.27 trillion. Debt has surged over the past year due to soaring inflation, rising interest rates and strong consumer demand.
The central bank noted that the biggest contributors to the debt load came from mortgage balances, which skyrocketed by $1 trillion from a year ago to $11.7 trillion, and credit card debt, which climbed to $930 billion.
The credit card balance collectively rose more than 15% from the same period in 2021, the largest annual jump in more than 20 years. The increase “towers over the last eighteen years of data,” according to Fed researchers.
Credit card, mortgage, and auto loan balances continued to increase in the third quarter of 2022 reflecting a combination of robust consumer demand and higher prices,” said economic research advisor at the New York Fed Donghoon Lee. “However, new mortgage originations have slowed to pre-pandemic levels amid rising interest rates.”
https://www.rt.com/business/566578-us-household-debt-skyrockets/
The Islamic Revolution Guards Corps’ (IRGC) Intelligence Unit says Iran will consider the Israeli regime’s shelters “legitimate targets” if residential areas in the country come under attack.
In a post published on social media platform X on Tuesday, the IRGC said that any strikes on residential areas in Iran would give Iran’s armed forces the right to attack Israeli shelters in the occupied lands.
The IRGC stated that it has intelligence on the blueprints and the exact locations of these shelters.
Iran began its Operation True Promise 4 after the US and Israel launched their joint military aggression against the Islamic Republic in late February by assassinating Leader of the Islamic Revolution, Ayatollah Sayyed Ali Khamenei, and several senior Iranian officials.
In its latest wave of attacks, the IRGC said it rained down missiles on the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
Iranian armed forces have also pounded American military bases and ...
In a fresh wave of retaliatory strikes, the Islamic Revolution Guards Corps (IRGC) targeted the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
The IRGC’s Public Relations Department said in a statement on Tuesday that it had carried out the 79th wave of its ongoing retaliatory Operation True Promise 4 against the Israeli and American targets.
Deploying powerful Kheybar Shekan, Emad, and Sejjil missiles alongside IRGC Aerospace Force kamikaze drones, the operation successfully breached the regime's multi-layered air defense systems, the statement said.
The missiles, it stated, targeted Israel’s intelligence facilities in northern and central Tel Aviv, as well as military commercial and support centers in Ramat Gan and the Negev.
The missiles also hit Israel’s southern military logistics and command headquarters in Beersheba.
The missile strikes triggered widespread panic across Israel and forced the suspension of a Knesset (parliament) session on Tuesday.
...
The Islamic Revolution Guards Corps (IRGC) announces staging the 78th wave of its underway retaliatory Operation True Promise 4, targeting such highly sensitive Israeli targets as Dimona, Tel Aviv, and Eilat as well as several US military bases in the region.
In a statement on Tuesday, the IRGC described the latest phase of the operation as a significant development featuring missiles raining down on enemy targets as the nation was leveling momentous support behind the Islamic Republic by attending millions-strong rallies with "clenched fists."
'A distinct record'
The latest phase, it noted, "has set a distinct record in the timeline of the war."
According to the statement, targets in the occupied port of Eilat, Dimona, a heavily fortified city that hosts the Israeli regime's notorious nuclear reactor in its vicinity, and northern Tel Aviv were struck using Emad and multi-warhead Qadr missile systems along with attack drones.
This was the second time the Corps was hitting Dimona, ...
