Federal Reserve: Americans Hit Record-Breaking Amount of Debt

The American debt crisis has reached a new high, with household debt passing $15 trillion for the first time in the third quarter, according to the New York Federal Reserve. The dire situation results from numerous recent financial trends, including the end of many Covid-related monetary relief programs, increasing auto prices as well as surging credit card spending. Between July and September, U.S. household debt reached $15.24 trillion, representing a 1.9% increase comparing to the second quarter of the year. Mortgages rose to nearly $10.7 trillion from $230 billion, and autos increased $28 billion as part of an overall $286…