Americans' combined credit card balances topped a trillion dollars last year, and experts say more people are struggling to pay their monthly bills.
Why credit card debt keeps rising "Even though $1 trillion in credit card debt is a staggering number to wrap your brain around, the unfortunate truth is that it is only going to keep climbing from here," said Matt Schulz, chief credit analyst at LendingTree. "Americans are sti...
Credit card debt in America has reached a new high, surpassing $1 trillion for the first time according to a new report from the Federal Reserve. The Fed says about $45 billion of that debt was added just in the last few months. Jennifer Streaks, senior
Collectively, Americans owe a record $1.17 trillion on their credit cards, according to a new report from the Federal Reserve Bank of New York. Still, credit card delinquency rates improved in the most recent quarter, suggesting that "rising debt burdens remain manageable,"...
The data on credit card debt comes as total household debt rose by $212 billion to reach $17.5 trillion in the fourth quarter of 2023, according to the New York Fed's latest "Quarterly Report on Household Debt and Credit." MORE: Credit card debt reaches record high in US...
Credit card debt hit a record $1.13 trillion at the end of 2023, while delinquencies have surged more than 50% from a year ago.
Tanza Loudenback
But this practice has the potential to put you in serious debt unless you are able to pay off your credit card balances in full each month. Fact: People lose 200 hours of sleep per year Overspending According to the Federal Reserve, Americans carry nearly $1.1 trillion in credit card ...
In the three-month period from October to December, total credit card debt surged to $1.13 trillion, an increase of $50 billion, or 4.6% from the previous quarter, according to the report. It marks the highest level on record in Fed data dating back to 2003 and the ninth consecutive ann...
Credit card debt in the United States has been growing at a fast pace between 2021 and 2023. In the fourth quarter of 2023, the overall amount of credit card debt reached its highest value throughout the timeline considered here. COVID-19 had a big impact on the indebtedness of Americans...