Household Debt Sees Biggest Jump In 15 Years As Americans Rely More On Credit Amid Soaring Inflation

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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.

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