Economy

Household debt jumps by the most in 14 years to nearly $15 trillion in the second quarter

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Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021.

Mike Blake | Reuters

Household debt rose by its highest dollar amount in 14 years during the second quarter, thanks mostly to a surge in the housing market that brought the collective American IOU to just shy of $15 trillion, the Federal Reserve reported Tuesday.

Total debt balances jumped $313 billion in the April-to-June period, the sharpest rise since the same period in 2007.

As a share of debt, that represented a 2.1% increase, the fastest pace since the fourth quarter of 2013.

Most of the gain came from mortgage originations, both initial…



Source cnbc.com

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