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Americans have nearly $14 trillion in debt

National

(CNN) – For the first time ever, American household debt has nearly topped the $14 trillion mark.

The New York Federal Reserve says US household debt climbed 0.7 percent last quarter to $13.96 trillion. That’s the 21st straight quarterly increase.

The numbers show that households are taking advantage of cheap borrowing opportunities driven by the Federal Reserve.

The previous record was $12.7 trillion in 2008’s third quarter.

The reserve also says US student outstanding debt climbed by $20 billion during the quarter to $1.5 billion.

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