US household debt hits a new record, NY Fed finds

1. Household debt reached an all-time high of $18.59 trillion. 2. Mortgage balances grew by $137 billion, reflecting housing market resilience. 3. Credit card and student loan delinquencies increased despite stable mortgage rates. 4. Federal Reserve cut interest rates amid rising inflation and a bifurcated economy. 5. Lower-income households are struggling while higher-income consumers continue spending.