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Household Debt Climbs

Household debt rose at its fastest rate in 15 years, driven by increased credit card balances and larger mortgages. Aggregate household debt in the U.S. rose to $16.5 trillion, up over 8% from a year ago, as consumer demand stays hot and prices continue to grow. Delinquencies also increased, although they remain low compared with historical averages.

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IOUs’ increasing isn’t a good sign as consumers struggle to keep pace with inflation. Irrespective of interest rate hikes, consumer preferences and tastes are hard to shake. With consumption remaining strong, households are turning to debt to maintain their quality of life.