(New York, NY) — Americans owe over a trillion dollars on their credit cards. That’s according to a new report on household debt from the Federal Reserve Bank of New York. It found that credit card balances spiked by over 150-billion-dollars year over year. It’s the largest increase this century.
Credit card delinquency rates also went up, especially among millennials burdened with high levels of student loan debt.
The report also shows total household debt rose by 1.3 percent to reach $17.29 trillion in the third quarter of 2023. Auto loan balances increased to $1.6 trillion, continuing the upward trajectory seen since 2011.
