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How Deep Americans Went Into Debt Before It All Turned Upside Down

Video Credit: Wochit - Duration: 00:35s - Published
How Deep Americans Went Into Debt Before It All Turned Upside Down

How Deep Americans Went Into Debt Before It All Turned Upside Down

New figures reveal Americans were living large in the first quarter of 2020, but holding back on paying with plastic.

Business Insider reports US consumer debt ballooned to a record high before the coronavirus pandemic hit hard.

Total household debt increased 1.1% to $14.3 trillion through March of 2020.

The previous record of $12.68 trillion was in 2008.

The New York Federal Reserve says mortgage balances rose to $9.71 trillion in the first quarter, jumping $156 billion.

Credit card balances declined by $34 billion in the quarter, a notably larger drop from the same period last year.


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