Consumer debt balloons to $17 trillion for the first time, about $1 trillion more than this time last year

(KERO — Consumer debt balloons to $17 trillion for the first time, about $1 trillion more than this time last year

Consumer debt is already at an all-time high. During the first quarter of the year, household debt rose to more than $17 trillion for the first time.

That's about $1 trillion more than the same time last year.

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The surge is due to increases in mortgage balances, auto loans, and student loans. It comes as federal officials continue to raise interest rates in an effort to tame inflation.

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