American Households Continue to Suffer Record Amounts of Debt without Government Relief
According to National Debt Relief, debt is a serious problem that many are struggling with right now. Heavy debt can limit your ability to enjoy life and take advantage of fleeting opportunities to make life better.
Debt is a major source of stress for people as well. Yet, despite all the problems that debt causes, there are still many reasons why people stay in debt throughout their lives. It doesn’t have to be that way, though.
US household debt climbed to a new record of $15.24 trillion, the Federal Reserve Bank of New York said.
Read more: Americans Are In So Much Debt Like Never Before!
“As pandemic relief efforts wind down, we are beginning to see the reversal of some of the credit card balance trends seen during the pandemic,” such as lower spending in favor of paying down debt balances, said Donghoon Lee, research officer at the New York Fed.