New Record High: American Household Debt Soars to $18.59 TrillionThe latest report from the Federal Reserve Bank of New York reveals a staggering increase in American household debt, reaching an unprecedented $18.59 trillion. This includes mortgages, car loans, credit cards, and student loans, with a notable surge in student debt and credit card balances. Despite strong overall balance sheets, concerns arise as younger borrowers show signs of weakness, and student loan delinquency rates remain elevated due to delayed payments during the pandemic.
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