U.S. debt rises at fastest pace in 16 years

The amount of new debt taken on by Americans rose 8.6 percent, or $1.92 trillion, in 2004, the fastest growth since 1988, the Federal Reserve reported Thursday.

The growth in debt was led by the household sector, which took on $1.02 trillion, or 11 percent, more debt in 2004. Home mortgage debt increased $885 billion, or 13.3 percent, in 2004, the fastest growth since 1987.

Marketwatch