![](https://i.imgur.com/CLvY2jA.png")
11-02-2022, 10:12 AM
9 Feb, 2022 13:02
Americans rushed to buy homes and cars last year, making total household debt surge by US$1 trillion, the biggest such increase since 2007.
The total household debt held by US families now amounts to US$15.58 trillion.
......
the largest component of the increase was mortgage balances, which rose by US$258 billion in the last three months of the year. Overall in 2021, Americans took out US$4.5 trillion in mortgages, the most since 1999.
The second-largest contributor was car loans. The regulator attributes the US$181-billion increase during the fourth quarter to people buying more expensive cars rather than buying more cars.
......
Mortgages and car loans were followed by credit card debt, while student debt actually decreased by US$8 billion, with lower student enrolment cited as one of the contributing factors.
Many Americans struggled to make ends meet last year as inflation soared, accelerating to as much as 7% in December, the sharpest increase in nearly forty years. Median income reportedly fell 3%
https://www.rt.com/business/548773-ameri...ebt-spike/
Americans rushed to buy homes and cars last year, making total household debt surge by US$1 trillion, the biggest such increase since 2007.
The total household debt held by US families now amounts to US$15.58 trillion.
......
the largest component of the increase was mortgage balances, which rose by US$258 billion in the last three months of the year. Overall in 2021, Americans took out US$4.5 trillion in mortgages, the most since 1999.
The second-largest contributor was car loans. The regulator attributes the US$181-billion increase during the fourth quarter to people buying more expensive cars rather than buying more cars.
......
Mortgages and car loans were followed by credit card debt, while student debt actually decreased by US$8 billion, with lower student enrolment cited as one of the contributing factors.
Many Americans struggled to make ends meet last year as inflation soared, accelerating to as much as 7% in December, the sharpest increase in nearly forty years. Median income reportedly fell 3%
https://www.rt.com/business/548773-ameri...ebt-spike/
