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Households increased their debt by large amounts in the fourth quarter, but much of the gain was the result of higher prices for homes and cars, according to a study released by the N.Y. Fed on Tuesday.

The Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit showed total household debt ended 2021 at $15.58 trillion, up $333 billion or 2.2% from Sept. 30, according to the report, which is based the New York Fed’s nationally representative Consumer Credit Panel.

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Jim DuPlessis

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