Consumer

Household debt jumped up by $1 trillion in 2021

Published February 9, 2022 7:25 AM

(KYMA, KECY/ CNN) - A spending spree in 2021 triggered a $1 trillion jump in household debt last year, causing the biggest annual increase since 2007.

A New York Federal study found mortgage debt and auto loans to be the biggest drivers to the increase.

Home loans hit record highs last year as buyers raced to lock in low interest rates ahead of an expected increase this year.

Home and car prices were also higher amid increased demand.

Article Topic Follows: Consumer

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Cole Johnson

Cole Johnson is News 11’s Sports Director.

Contact Cole at cole.johnson@kecytv.com.

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