By: Economic & Finance Report

Credit card debit is piling up and not for good reason. In 2021 each corresponding quarter, credit card debt had increased tremendously. The US Federal Reserve indicated from their data that Americans credit card balances ballooned to $856 billion.

Mortgages, home equity, auto loans, credit cards, and student loans all increased in some form, one way or another; as shown from data by Equifax & New York Fed. The Fed will be increasing interest rates in 2022 as the economy picks up from the pandemic. Sources have indicated that this will make it harder for people to pay off or even pay down their current debt. From the statistics presented, one thing is for sure many people have some form of debt. -SB

Image Source: CNBC

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