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.
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.
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