Data: New York Fed Consumer Credit Panel/Equifax; Note: Severely derogatory means any of the previous states combined with reports of a repossession, charge off to bad debt or foreclosure; Chart: Baidi Wang/Axios
High demand for high-ticket items that grew even costlier with inflation drove up U.S. household debt by $1 trillion last year. At the same time, debt management held steady.The pandemic's lockdowns and government aid provided consumers a chance to pay down more of what they borrowed, and to even bolster their savings.
No, we just kept up with what we are obligated to do, no matter how difficult it has been, especially since I lost my job. A couple of checks were much appreciated, but they didn't change my life. I just had to cut off spending that wasn't essentials, which included debt payment.
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