ALBAWABA - U.S. household debt reached a record high in the first quarter of the current year, surpassing $17 trillion, despite a sharp decline in demand for borrowing to purchase homes.
According to data from the Federal Reserve Bank of New York released on May 15, total borrowing across all categories rose to $17.05 trillion, representing an increase of around $150 billion or 0.9% in the first quarter.
U.S. household debt had risen to $16.9 trillion by the end of 2022, marking a $1.3 trillion increase from the previous year. Mortgage originations, including refinancing operations, reached levels of $323.5 billion, the lowest since the second quarter of 2014.
The increase indicates a rise of approximately $2.9 trillion in debt levels compared to pre-pandemic levels
