US Consumer Debt Surpasses $17 Trillion , for First Time Ever. On May 15, the Federal Reserve Bank of New York revealed that Americans' debt hit an all-time high in Q1 2023. Consumer debt rose $148 billion from Q4 2022 and $1.2 trillion since last year, reports 'The Hill.'. Mortgages represented the most substantial increase in debt, with a $121 billion climb in balances. Total U.S. mortgage debt now sits at over $12 trillion. Auto loans rose $10 billion last quarter, reaching $1.56 trillion. Student loan debt hit $1.6 trillion. Credit card debt stayed flat at $986 billion. The Federal Reserve continues to implement rate hikes in an attempt to fight inflation. It recently announced its 10th straight increase since March to bring rates to between 5% and 5.25%. However, the latest jobs report showed that 236,000 jobs were added in April, indicating that the economy isn't cooling as quickly as anticipated.
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