Americans In Greater Debt Than Before Pandemic

Americans are emerging from the pandemic in even greater debt, according to a new report from the Federal Reserve.

U.S. consumer debt topped $15.6 trillion in 2021, after a one-year spike of $1 trillion – the largest single-year gain on record since 2003.

Most of that debt goes to mortgages, with credit card debt spiking sharply in the final quarter of 2021. Student loans also account for a large chunk of U.S. debt.

NEW: Consumer debt totaled $15.6 trillion in 2021, an increase of $333 billion in Q4 and just over $1 trillion for the year.

The quarterly rise was the biggest since 2007, and the annual gain was the largest ever in records going back to 2003. https://t.co/1lWS0lvGXV

— CNBC Now (@CNBCnow) February 8, 2022