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U.S. household debt soared to $15 trillion through pandemic

(KYMA, KECY/ CNN) - Americans apparently spent lots of time shopping during the Covid-19 pandemic as U.S. household debt jumped to $15 trillion last quarter.

That is the biggest quarterly hike since 2007 and the largest percentage increase in nearly eight years.

Credit card balances increased by $17 billion during the second quarter, while auto loan balances rose by $33 billion.

Meanwhile, mortgage debt jumped to $10.4 trillion.

Student loans were the only debt category that saw a decline last quarter.

Article Topic Follows: Consumer

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Cole Johnson

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