- The NY Federal Reserve announced that US household debt reached a record $16.2 trillion in Q2 2022.
- Rising inflation is increasing American’s reliance on credit card balances, which have increased by $100B (+13%) over the last year and +$46B in Q2 alone.
- Americans opened 233 million new credit card accounts in Q2 and the personal savings rate hit 5.1% (lowest since 2009).
- However, the jump in mortgage rates accounted for most of the household debt increase.
- Total US student loan balances remain $1.6 trillion.
