Consumer Debt Hits New Record High in 1st Qtr. of 2020

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 4^th Qtr., of 2019 and is now $1.6 trillion above the previous nominal record high of $12.7 trillion, which was set in the 3^rd Qtr., of 2008 during the financial crisis. The New York Fed did note one significant decline. Credit card balances dropped $34 billion.