American Household Debt, Already Highest Ever, Has Largest Jump in 20 years

In another notorious record for the Biden Administration, the financial risk profile of American's is getting bleak, and fast. A direct result of interest rate increases and runaway inflation, the Federal Reserve and the Administration has decided that destroying the American middle-class' financial health is a reasonable position.

Household debt soars at fastest pace in 15 years as credit card use surges, Fed report says

Households increased debt during the third quarter at the fastest pace in 15 years due to hefty increases in credit card usage and mortgage balances.

CNBCJeff Cox

For a quick summary of events, the Federal Reserve is reporting that credit card and mortgage debt have skyrocketed up $351B, driven by their own, purposeful and aggressive interest rate policy.  That interest rate policy, of course, is intended to counteract the massive spending of the Federal Government + the massive quantitative easing over the last 10+ years of the Fed themselves.  This brings our collective consumer debt to $16.5T and an annual increase of $1.27T.

What's in it for you?

Nothing. You just paid more for the same product and are financing it for a higher interest rate despite maintaining your credit score.  You are getting poorer without changing a thing.