US households add $601 bn of debt in 2019: NY Fed

Washington (AFP) – American households borrowed another $601 billion in 2019, the largest yearly gain since 2007, just before the global financial crisis, the New York Federal Reserve Bank said Tuesday.Fueled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a new record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New Yor…

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