Experts advise delaying big purchases as debt rises by $109 billion for Americans

SALT LAKE CITY (KUTV) — People keep piling on more and more debt as new data shows many Americans are spending beyond their means.

According to the Federal Reserve Bank of New York, Americans added $109 billion in debt over the last quarter.

That brings the total amount of debt for consumers in the U.S. to an eye popping $17.8 trillion.

The majority of that increase in debt is tied to homes and real estate.

The New York Fed indicated $77 billion of the increase is from mortgage balances, and another $27 billion is new debt on credit cards.

High interest rates continue to stress borrowers of all kinds.

Last week, the U.S. Federal Reserve announced it would keep interest rates at current levels, but has suggested a drop could come next month.

Once a rate cut happens it will pave the way for lower borrowing costs on everything from mortgages and car loans to credit cards.

What does this info mean to you? Experts recommend you delay big purchases if possible and avoid spending with credit cards until interest rates go down.

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