American Households Reach Record Debt of $14 Trillion The figure comes from the
New York Federal Reserve and is
the result of a five-year upward trend. In 2019's fourth quarter,
the debt jumped by $193 billion. There was an increase of just over $600 billion year-over-year. The $14 trillion is also higher than 2008's peak of $12.7 trillion. The rise comes despite a
historically low unemployment rate in the U.S. Additional debt is also linked
to cheaper mortgages. Average rates on
30-year mortgages fell
past four percent in August. These mortgages in turn are caused
by low interest rates, which were
cut three times in 2019.