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U.S.-WASHINGTON, D.C.-FEDERAL RESERVE-BENCHMARK INTEREST RATE

Source: Xinhua News Agency / Getty

Americans are emerging from the pandemic in even greater debt, according to a new report from the Federal Reserve. This comes as no surprise to anyone.

U.S. consumer debt topped $15.6 trillion in 2021, after a one-year spike of $1 trillion – the largest single-year gain on record since 2003. Most of that debt goes to mortgages, with credit card debt spiking sharply in the final quarter of 2021.

Student loans also account for a large chunk of U.S. debt. How do you stay on top of debt? Are you more in debt since last year? What will this mean for the future of the housing market?