American households added $155 billion in new debt in first quarter. Overall debt levels rise to record $14.30 trillion.

  • The Federal Reserve Bank of New York made the announcement on Tuesday.
  • Mortgage balances rose by $156 billion from the fourth quarter to $9.71 trillion. 
  • Credit card balances and other types of debt declined by $39 billion.
  • Access to credit overall tightened slightly during the quarter.
  • The numbers may be understating the problem. The Feds said, “It is critical to note that the latest report reflects a time when many of the economic effects of the COVID-19 pandemic were only starting to be felt.”