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  1. US household debt skyrockets – Federal Reserve US household debt jumped during the third quarter at its fastest pace in 15 years due to increases in credit card usage and mortgage balances, a Federal Reserve report revealed this week. According to the Fed, total debt hit a record $16.5 trillion, up 2.2% from the previous quarter and 8.3% from a year ago. Households added $351 billion in debt for the July-to-September period, the regulator said. The increase follows a $310 billion leap in the second quarter and represents an annual rise of $1.27 trillion. Debt has surged over the past year due to soaring inflation, rising interest rates and strong consumer demand.
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