Consumer Debt Hits Record High in Q4 2022

Closing Bell

Consumer debt at a record level. This is the concern, right? And we still got a ways to go for inflation to get back down toward a sustainable, healthy level of 2%. So new data from the New York Fed showing consumer debt across all categories is at 16.9 billion by more than a trillion dollars from a year ago. Also up 2.8 trillion from before the pandemic yikes. Well, delinquency is still relatively low but rising. So in other words, that's miss payments on things like mortgages, car loans and credit card bills. They're up and the record high debt coming as the Fed maintains its efforts to bring down inflation with ongoing interest rate hikes. So yes, those are the headlines. You need to know, we're gonna have more coming up in the next half hour. But I do think this narrative covering the stock market for more than a decade is the narrative that is gonna persist the stickiness, the stubbornness of this inflation of what it means for consumers with credit card debt already at a record high