American households’ debt continued to increase in the first quarter of this year as the country stared down inflation, soaring housing costs, and fears of a possible recession.
While the early days of the pandemic allowed some families to build up their savings and pare down old debt, total household debt rose by $266 billion in 2022’s first quarter as the public-health crisis entered its third year, reaching $15.84 trillion, the New York Federal Reserve said in its Quarterly Report on Household Debt and Credit Tuesday. That’s an increase of $1.7 trillion from the end of 2019, just before COVID-19 swept the U.S.
Credit-card balances, despite experiencing the largest quarterly increase in 22 years in the fourth quarter of 2021 and remaining $71 billion higher than they were in the first quarter of 2021, also decreased in the most recent quarter, in line with seasonal trends, New York Fed researchers said Tuesday.
Still, it’s worth noting that real total household debt adjusted for inflation was relatively unchanged in the first quarter from the fourth quarter of 2021.
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