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Total U.S. household debt declined in the second quarter for the first time in six years, according to new data released by the Federal Reserve Bank of New York on Aug. 11.
Red ink has flooded households across the country since 2013, but consumers could be more cautious about their borrowing in the face of stubborn inflation.
Collectively, in the second quarter, household debt fell by $13 billion from the previous quarter to $18.77 trillion, the New York Fed reported.
“The last time that happened was exactly six years ago, early in the COVID-19 pandemic. Aside from that, the last quarter-over-quarter decline was way back in 2014,” Ted Rossman, principal consumer finance analyst at Money Management International, told The Epoch Times in a statement….
Red ink has flooded households across the country since 2013, but consumers could be more cautious about their borrowing in the face of stubborn inflation.
Collectively, in the second quarter, household debt fell by $13 billion from the previous quarter to $18.77 trillion, the New York Fed reported.
“The last time that happened was exactly six years ago, early in the COVID-19 pandemic. Aside from that, the last quarter-over-quarter decline was way back in 2014,” Ted Rossman, principal consumer finance analyst at Money Management International, told The Epoch Times in a statement….
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