Posted 12/7/2023, 9:49:00 PM
US Household Wealth Drops by $1.3 Trillion in Q3 as Stocks Slump and Debt Piles Up
- U.S. household net worth fell $1.3 trillion in Q3 2022, largely due to a $1.7 trillion drop in equity values
- The decline comes after a volatile year for the stock market, with indexes plunging mid-year on interest rate fears
- Household debt continued climbing, with slower mortgage growth but rising non-mortgage debt
- Credit card debt topped $1 trillion as inflation drives Americans to credit cards
- High inflation continues creating financial pressure, especially for low-income households