U.S. Household Debt Surges as Young Borrowers Struggle With Loans
Collection Industry News
FEBRUARY 25, 2023
US household debt soared by the biggest amount in two decades in the fourth quarter, with younger borrowers in particular struggling to make loan payments amid high inflation and interest rates. Households added $394 billion in overall debt, the largest nominal increase in 20 years, bringing the total to a record $16.9 trillion, according to data released by the Federal Reserve Bank of New York earlier this month.
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