Despite the high-interest environment intended to slow down borrowing, American consumers continue to run deeper and deeper into debt as they cope with sticky inflation .
Consumer credit spiked by another $20 billion in April, a 5.7% increase year on year, according to the latest data released by the Federal Reserve . Americans now owe a record $4.86 trillion in total consumer debt.
The Federal Reserve consumer debt figures include credit card debt, student loans, and auto loans, but do not factor in mortgage debt. When you include mortgages, US households are buried under more than $16.9 trillion in debt. […]