Household debt increased by $1 trillion in 2021, the biggest annual increase since 2007, according to data from the Federal Reserve Bank of New York..Mortgage debt and auto loans were the big drivers of the increase, according to the report, which is based on data from the New York Fed's nationally representative Consumer Credit Panel.
The report found rising prices impacted all types of auto loan borrowers. The only slight difference was that sub-prime borrowers financed 16% fewer vehicles in 2021 compared with 2019.How does inflation affect my standard of living?For those who bought cars in 2021 at higher prices and requiring more financing, the loans will translate into higher payments.
BIDENFLATION
The fed is having a ball
Biden Harris
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