Household Debt Posts Biggest Gain Since 2008

Politics Reuters

U.S. households increased their borrowing by the most since early 2008 in the second quarter while their worth declined, suggesting many consumers are still struggling three years into an economic recovery.

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Household debt climbed $39.4 billion, the first gain in over a year, to $13 trillion in the second quarter, according to Federal Reserve data issued on Thursday -- just $2 trillion shy of the country's total yearly economic output.

Americans' financial net worth retreated by over $300 billion to $62.7 trillion.