Americans’ debt balances continued to compound in 2022 as inflation put pressure on budgets and the cost of borrowing increased. Aggregate household debt, which includes all outstanding credit market debt held by consumers, increased by $394 billion in the fourth quarter of 2022 alone, according to the Federal Reserve Bank of New York‘s Q4 Household Debt and Credit report — and mortgage balances were no small part of the equation.

Per the report, mortgage balances drove the uptick in household debt during the fourth quarter, with an increase of $254 billion compared to Q3. This was details ⇒

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