Consumers ended 2021 with record levels of debt, leading into a year in which interest rates are expected to rise substantially.
Total U.S. consumer debt at the end of the year came to $15.6 trillion, a year-over-year jump of $333 billion during the fourth quarter and just over $1 trillion for the full year, according to data released Tuesday from the Federal Reserve’s New York district.
The quarterly rise was the biggest since 2007, and the annual gain was the largest ever in records going back to 2003.
