“Balances now stand $2 trillion higher than at the end of 2019, before the COVID-19 pandemic,” the report said.
That spike was driven in large part by mortgage balances and credit card purchases, the Fed said, noting that “the 13% cumulative increase in credit card balances since Q2 2021 represents the largest in more than 20 years.”
Regarding other debt sources, the report noted that “auto loan balances increased by a solid $33 billion in the second quarter, while student loan balances were roughly unchanged from the first quarter and stand at $1.59 trillion.”
“In total, non-housing balances grew by $103 billion, the largest increase seen since 2016,” the report said.
The data come at a time when most Americans are struggling to afford many basic necessities such as food and fuel, with skyrocketing inflation and gas prices taking huge chunks out of monthly budgets.