A big year for car and home shopping helped push Americans to take on a lot more debt last year.
Highlights
- In the fourth quarter alone, household debt grew by $333 billion to $15.58 trillion, the largest quarterly rate of increase since 2007.
- Mortgage debt and auto loans were the big drivers of the increase, according to the report.
- The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel.
- In the report, the aggregate balances of newly opened mortgage and auto loan balances “sharked sharply increased in 2021,” a Fed official says.Read more at CNN.com/soucyrerere: Household debt increased by $1 trillion in 2021, the biggest annual increase in 2007.