According to data recently released by the New York Federal Reserve, household debt balances through the end of March totaled $14.3 trillion, an increase of 1.1% from the 4th Qtr., of 2019 and is now $1.6 trillion above the previous nominal record high of $12.7 trillion, which was set in the 3rd Qtr., of 2008 during the financial crisis. The New York Fed did note one significant decline. Credit card balances dropped $34 billion.
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Consumer debt hits new record of $14.3 trillion