NY Fed warns of mass defaults as household debt hits a record $17.5 trillion.
That's up $3.4 trillion since the pandemic -- almost $30,000 per household. On top of $10 trillion in new federal debt -- almost $80,000 per household.
In all the average American household is now carrying over $400,000 in debt. They make one-sixth that.
Debt is clearly unsustainable at this point. And it's the only thing holding up the economy.
A horrendous picture
NY Fed warns of mass defaults as household debt hits a record...
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