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08/15/2018

Household Borrowing Reaches Record $13.3 Trillion as Rising Rates Have Yet to Bite

Gradually rising interest rates have yet to dent Americans’ appetite for borrowing, with the total stock of new debt climbing to $13.3 trillion in the second quarter, continuing a gradual rise in household borrowing over the past four years.

Debts rose by $82 billion in the second quarter, driven by rising mortgage, credit-card and auto-loan balances, according to the Federal Reserve Bank of New York’s quarterly report on household debt and credit.

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