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Consumer Debt Hits Record for Most Americans, Except the Wealthy

  • Liabilities for bottom 90% jumped $300 billion over past year
  • Meanwhile, debt among the top 10% is virtually unchanged
US Online Prices Post First Annual Drop in Over 2 Years as Pandemic Demand Cools
Photographer: Hollie Adams/Bloomberg

Most Americans are more indebted than ever, underscoring a persistent and widening wealth divide in the US.

Consumer debt, including credit cards, rose to an all-time high for the 118 million US households among the bottom 90%, according to the Federal Reserve’s latest data on the distribution of household wealth. The group’s debt soared by $300 billion over the last year -- the largest annual gain on record -- as households deal with higher prices for everything from food to clothing and rents.