U.S. Household Debt Hits New Record Following $286 Billion Increase

iHeart, Nov. 9, 2021–Bill Galluccio
Mortgages make up a vast majority of the debt, totaling $10.67 trillion, and were the main driver in the increase. During the third quarter, mortgage debt rose by $230 billion. That number is expected to grow in the coming months as home prices continue to increase. The Mortgage Bankers Association predicts that housing prices won’t start to decline until the fourth quarter of 2022.