{"id":6861,"date":"2022-08-04T10:00:00","date_gmt":"2022-08-04T15:00:00","guid":{"rendered":"https:\/\/hoorfarlaw.com\/blog\/?p=6861"},"modified":"2022-08-03T10:51:17","modified_gmt":"2022-08-03T15:51:17","slug":"u-s-household-debt-tops-16-trillion-amid-rising-inflation","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=6861","title":{"rendered":"U.S. Household Debt Tops $16 Trillion Amid Rising Inflation"},"content":{"rendered":"\n<p>U.S. household debt increased to a record $16.15 trillion in the second quarter, driven mostly by a $207 billion jump in mortgage balances, with credit card and auto loan debt also rising as consumers raised their borrowing to deal with soaring inflation, according to a Federal Reserve report. The New York Fed&#8217;s quarterly household debt report indicates that overall delinquency rates rose modestly too for all debt types, with delinquencies for credit cards and auto loans &#8220;creeping up,&#8221; particularly in lower-income areas. Mortgage debt increased to $11.39 trillion at the end of June. Purchase mortgage originations were up 7% in the second quarter, with much of the increase attributed to higher borrowing amounts.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2022\/04\/inflation.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2022\/04\/inflation.jpg\" alt=\"\" class=\"wp-image-6637\" width=\"218\" height=\"131\"\/><\/a><\/figure><\/div>\n\n\n<p> The U.S. central bank began increasing interest rates in March as it departed from the easy money policies it had kept in place during the worst of the COVID-19 pandemic in an attempt to shield the economy from lockdowns. Since then, persistently high inflation running at four-decade highs has pushed policymakers to raise the Fed&#8217;s benchmark overnight lending rate by 225 basis points. That rate is currently in a target range between 2.25% and 2.50%. Further interest rate increases are forecast for the rest of the year as the central bank attempts to quash inflation.<\/p>\n\n\n\n<p><strong>Struggling with debt? You&#8217;re not alone. Call our office at 816-524-4949 or <a href=\"https:\/\/calendly.com\/hoorfarlaw\">click here<\/a> to schedule a consultation to discuss your options.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. household debt increased to a record $16.15 trillion in the second quarter, driven mostly by a $207 billion jump in mortgage balances, with credit card and auto loan debt also rising as consumers raised their borrowing to deal with &hellip; <a href=\"https:\/\/hoorfarlaw.com\/blog\/?p=6861\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1133,1],"tags":[],"class_list":["post-6861","post","type-post","status-publish","format-standard","hentry","category-debt","category-general"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6861"}],"version-history":[{"count":2,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6861\/revisions"}],"predecessor-version":[{"id":6863,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6861\/revisions\/6863"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}