Americans' credit card debt hits record $1.13 trillion
ABC News
Credit card debt increased by $50 billion in the fourth quarter of 2023 alone, a 4.6% jump from the previous quarter.
Americans' credit card balances climbed to a new record high $1.13 trillion, according to data released Tuesday by the Federal Reserve Bank of New York.
Credit card debt increased by $50 billion in the fourth quarter of 2023 alone, a 4.6% jump from the previous quarter.
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."
In a potentially concerning sign for consumers and the broader economy, the number of Americans who are late making their credit card payments is also ticking up.
