• Households increased debt at the fastest pace in 15 years due to hefty increases in credit card usage and mortgage balances.
• The credit card balance collectively rose more than 15% from the same period in 2021, the largest annual jump in more than 20 years, according to the New York Fed.
• The increase stems from “a combination of robust consumer demand and higher prices,” a Fed official said.

Tagged: #Bidenflation