American Households Reach Record Debt of $14 Trillion The figure comes from the New York Federal Reserve and is the result of a five-year upward trend.
In 2019's fourth quarter, the debt jumped by $193 billion.
There was an increase of just over $600 billion year-over-year.
The $14 trillion is also higher than 2008's peak of $12.7 trillion.
The rise comes despite a historically low unemployment rate in the U.S. Additional debt is also linked to cheaper mortgages.
Average rates on 30-year mortgages fell past four percent in August.
These mortgages in turn are caused by low interest rates, which were cut three times in 2019.