Bidenomics: U.S. Household Debt Highest In Over A Decade

(Undated) — U.S. household debt is the highest it has been in over a decade. Data from the Federal Reserve Bank of New York revealed that household debt increased by one-trillion dollars in 2021. This is the largest annual increase since 2007. Household debt rose by 333-billion in the last quarter of 2021, marking the largest quarterly rate of increase in over a decade. Mortgage debt and auto loans saw the biggest increase. Meanwhile, student loan balances decreased by eight-billion after nearly two decades on the rise.