A surge in credit card spending and home purchases caused US household debt to increase by $313 billion, or 2.1%, in the second quarter, according to the Federal Reserve Bank of New York.
In total, American consumers held $14.96 trillion in debt at the end of June — the biggest pile of bills on record and $812 billion more than what was owed at the end of 2019, before the pandemic hit. But even though the US housing market is red hot and borrowing to purchase homes is through the roof,"there are still 2 million borrowers in mortgage forbearance who are vulnerable to financial distress once the forbearance programs come to an end," said Joelle Scally administrator of the Center of Microeconomic Data at the New York Fed.
What will happen after the pandemic-era protections expire? That's perhaps the biggest public policy question of the recovery.
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