US households had record debt when the coronavirus hit. Things are likely to get worse

Before the coronavirus pandemic spooked the stock markets, shook the economy and turned the financial lives of millions of people upside down, household debt in the US had already hit a record high

.

The New York Federal Reserve reported Tuesday that debt held by US households rose by 1.1% to $14.3 trillion during the first quarter. That's $1.6 trillion higher than the previous peak of $12.7 trillion reached in 2008.The report looked at consumer debt and credit data as of March 31. By that time, coronavirus shutdowns were already in place around much of the country.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNN /  🏆 4. in US

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

34 Things You Might Want If You Love Star Wars'Help me, Obi-Wan Kenobi.' —Princess Leia, and probably my bank account.
Read more »

10 things you need to know before the opening bell - Business Insider10 things you need to know before the opening bell
Read more »