TheRedPillCommunity
Politics • Education
This community platform is for Empowerment, Truth, and Justice!
Interested? Want to learn more about the community?
US household debt skyrockets – Federal Reserve

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/

Interested? Want to learn more about the community?
What else you may like…
Videos
Podcasts
Posts
Brian Berletic - Trying to maintain U.S hegemony is killing the dollar
00:06:59
Larry Johnson - The American Empire is dead!

Larry Johnson - The American Empire is dead!

00:04:30
TheRedPillShorts - Trump is sukk__g of BB Netanyaha
00:00:50
Geopoli-Tricks: American Empire In Decline(Ft. CIA Chief Analyst Raymond McGovern) Excerpt
Geopoli-Tricks: American Empire In Decline(Ft. CIA Chief Analyst Raymond McGovern) Excerpt
Breaking: Russian Forces hit huge NATO convoy in Lviv,UKR
Breaking: Russian Forces hit huge NATO convoy in Lviv,UKR
Gregory Mannarino- The Empire is falling & They're the devil
This is what happens when Empire Falls
Gregory Mannarino- The Economy is Crashing & Will Only Get Worse
See More
Available on mobile and TV devices
google store google store app store app store
google store google store app tv store app tv store amazon store amazon store roku store roku store
Powered by Locals