American households saw their debt jump the most in 15 years in the third quarter, due to a surge in credit card use and mortgage balances.
Debt accumulated during that period shot up by $351 billion for the largest quarterly increase since 2007, according to the Federal Reserve Bank of New York on Nov. 15.
This shortly follows the $310 billion rise in consumer debt in the second quarter, for a combined total of $1.27 trillion so far in 2022.
Overall borrowing is now $2.36 trillion higher from levels seen at the end of 2019, before the pandemic hit the economy.
Total U.S. collective household debt has reached a record high of $16.5 trillion, an increase of 2.2 percent from the previous quarter and 8.3 percent from a year ago….