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Driven by Mortgages, U.S. Household Debt Hits New High

Source: StatistaU.S. household debt climbed to a record high of $14.6 trillion at the end of 2020, as mortgage debt surpassed $10 trillion for the first time. According to the New York Fed’s latest Household Debt and Credit Report, mortgage debt increased by a whopping $183 billion over the past three months alone. The increase was mainly driven by a record volume of mortgage originations, as many households took advantage of historically low mortgage rates to refinance their mortgages and ev...
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