Household debt increased in the second quarter of 2022 across many different loan types, according to the Federal Reserve Bank of New York. Here is how you can pay yours down.
Total household debt reached $16.15 trillion at the end of June, an increase of $312 billion from the same quarter a year ago with mortgage, car loan, and credit card balances all rising.
Wage growth for U.S, workers is lagging well behind record-high inflation. A new report from the Federal Reserve found that disparity helped drive a record jump in credit card and other consumer debt. Total consumer debt in the U.S. is now north of $16 trillion.