BUSINESS

Total Household Debt In The U.S. Now At $15.58 Trillion

According to data from the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit, total household debt rose by $333 billion (2.2 percent) to reach $15.58 trillion in the fourth quarter of 2021.

Mortgage balances — the largest component of household debt — rose by $258 billion.

The volume of newly originated auto loans was $181 billion during the fourth quarter, primarily reflecting a higher origination amount per loan rather than more loans originated.

Credit card balances increased by $52 billion, while student loan debt contracted by $8 billion, remaining roughly flat in nominal terms at the end of 2021 after almost two decades of steady increases.

Support The Readers Bureau Buy A T-Shirt Today https://www.bonfire.com/one-love-72/?fbclid=IwAR2bod-XSyrCPutOwG_SMnKiInk6Bqe2kCtjBsAFISqHluQcujrF2UUkFew

Readers Bureau, Contributor

Edited by Jesus Chan

Do you want to add feedback to this story?

Please add a comment in the box below or send an email to info@thereadersbureau.com,  Call us at 201-500-7715