People count money at Macy’s Herald Square store in New York.
Andrew Kelly | Reuters
Total consumer debt rose to nearly $14.6 trillion as 2020 came to a close, pushed by a record-breaking rise for mortgages in the red-hot housing market, according to a Federal Reserve report Wednesday.
Debt increased 1.4% for the final three months, representing another $206 billion as households took advantage of low interest rates and continued fiscal and monetary stimulus.
Mortgage debt passed $10 trillion for the first time and rose at the fastest pace in the fourth quarter since 2006. The quarterly increase of $182 billion culminated a year in which homeowners took advantage of low rates to refinance…