Top news right now: American households have accumulated nearly $17.1 trillion in consumer debt, with balances standing $2.9 trillion higher than before the lockdown-induced recession. Mortgage debt has now surpassed $12.0 trillion, while student and automotive debt are each $1.6 trillion. Credit card debt is nearing $1.0 trillion. Delinquencies for mortgage, auto, and credit card debt have all risen over the past year, with some doubling. High mortgage rates, caused by actions from the Federal Reserve meant to combat inflation, have decreased affordability for potential homebuyers. Wage increases have failed to keep pace with inflation, and Americans are more pessimistic about their finances than at any time since the Great Recession. Economic growth has declined to a 1.1% annualized rate in the first quarter. Dive deeper into this story, tap the link in our bio.
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