American households took on $1.02 trillion in new debt in 2021, the most in 14 years, at levels not seen since before the 2008–09 financial crisis. U.S. consumers have ramped up borrowing to acquire homes, cars, and other goods that are becoming more expensive, according to a report released on Feb. 8 by the New York Federal Reserve. The higher borrowing is fueled in part by rising prices, as consumers cope with the strongest inflation seen since the early 1980s. Meanwhile, central bank planners and world leaders are facing much criticism during the inflation crisis. The debt increase, led by auto and home loans, is the largest rise since a $1.06 trillion jump in 2007, with total consumer debt now sitting at around $15.6 trillion, compared with $14.6 trillion a year earlier. The total debt balance is now $1.4 trillion higher than it was at the end of 2019. “The aggregate …