U.S. still drowning In: The household debt above 17$ trillion For the first time in history

The U.S. Household debt reached another higher level increasing the case of economic uncertainty, as the Federal Reserve Bank revealed a new report Monday.

Americans’ Domestic debt broke a new record of  $17.05 trillion in the first quarter of the year, registering a rise of $148 billion, or 0.9%, compared with the fourth quarter of last year. The Federal Reserve said.

The U.S. debt has been accelerating since the coronavirus pandemic (COVID), specifically since the end of 2019, the value of the debt has increased by $2.9 trillion

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The data shows that the debt of almost all categories in the U.S. has increased. In terms of loans, home, auto, and consumer loans in general and students have risen, along with mortgages as well.

On the other hand, credit card balances stabilized exceptionally at $986 million during the first quarter, the first time without an explicit decline for this category in more than 20 years, Federal Reserve researchers monitored.

Typically, The Debt of credit cards declines in the first quarter as consumers move to pay off portions of the debt seizing New Year’s resolutions or tax refunds, after spending too much during the holidays, which did not happen this time.

chief credit analyst at LendingTree Matt Schulz, warned that it “doesn’t bode well for the rest of the year” that the debts didn’t fall in the first quarter of the year. according to “CNN”.

While Ted Rossman, a senior industry analyst for Bankrate, noted that the rising of credit card debt is the fastest among all the debts mentioned in the Fed’s report.