Household Debt Soars At Fastest Pace In 15 Years As Credit Card Use Surges

SAN FRANCISCO - FEBRUARY 25:  Visa credit cards are arranged on a desk February 25, 2008 in San Francisco, California. Visa Inc. is hoping that its initial public offering could raise up to $19 billion and becoming  the largest IPO in U.S. history.  (Photo Illustration by Justin Sullivan/Getty Images)

At a glance

  • Households increased debt at the fastest pace in 15 years due to hefty increases in credit card usage and mortgage balances.
  • The credit card balance collectively rose more than 15% from the same period in 2021, the largest annual jump in more than 20 years, according to the New York Fed.
  • The increase stems from “a combination of robust consumer demand and higher prices,” a Fed official said.

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