A recent report from the New York Federal Reserve reveals that American households are facing a growing burden of debt, with a total of $17.8 trillion in debt recorded last quarter. This marks a new record high since the tracking of household debt began in 2003.
The increase in debt was driven primarily by a $77 billion rise in mortgage balances, indicating that many households are taking on more housing-related debt. Additionally, there was a $27 billion increase in credit card debt, further adding to the financial strain on borrowers.
