Amid the country’s fragile economic standing, US citizens’ debt has surpassed the $17 trillion mark for the first time ever. Moreover, household debt set a record of $17.05 for Q1, growing by 0.9%, or $148 billion, from Q4 of last year.

The Federal Reserve Bank of New York reported the concerning figures on Monday. Additionally, it is noteworthy that the debt has surged by $2.9 trillion since the closing months of 2019. Conversely, the debt number arrives as the US government debates a potential increase to its debt ceiling. Confronted by the potential of a worrisome debt default.