U.S. household debt jumps most since 2008

U.S. household debt climbed at the fastest annual pace since 2008 in the third quarter, with credit card balances surging even as the interest rates that lenders charge to consumers hit a multidecade high. Households added $351 billion in overall debt last quarter, taking the total to $16.5 trillion, according to the Federal Reserve Bank of New York. That’s an increase of 8.3% from a year earlier. The debt figures aren’t adjusted for inflation. Most of the latest increase came in mortgage debt, but credit card debt also increased by the most in 20 years, with balances rising by 15% from a year earlier.