Are We Drowning in Debt?🤑💳🤯

A recent report by the New York Fed is sounding alarm bells as consumer debt reaches an unprecedented $17 trillion high.

Credit card balances, instead of the usual Q1 decline, remained stagnant, suggesting consumers are using credit for daily expenses.

Delinquencies are up, particularly in the 18-29 age group. Other debts, including auto loans and mortgages, are also on the rise.

One silver lining, however, is that many households are still more financially stable than before, thanks to the mortgage refi boom of 2020-2021.

Is this trend a ticking time bomb for the economy?

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