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Americans’ credit card debt hits record .13 trillion | ABC News

Americans’ credit card debt hits record $1.13 trillion | ABC News

Americans are setting a new record in credit card debt, with balances soaring to $1.13 trillion, according to recent data from the Federal Reserve Bank of New York. In the fourth quarter of 2023, credit card debt surged by $50 billion, marking a 4.6% increase from the previous quarter. This uptick in debt comes amidst a broader trend of rising household debt, which reached a staggering $17.5 trillion in the same period, as revealed by the New York Fed’s “Quarterly Report on Household Debt and Credit.”

Of particular concern is the growing number of Americans falling behind on their credit card payments, a trend observed across all age groups. Notably, borrowers aged 30-39 are experiencing especially rapid rates of missed payments. Researchers at the New York Fed underscored that the current credit card debt levels appear to surpass pre-pandemic levels, signaling potential financial strain for many households.

While the researchers stopped short of labeling the situation as dire, they noted that the escalating credit card debt reflects pressure on household budgets. This alarming trend is echoed in auto loans, where balances rose by $12 billion in the fourth quarter, reaching $1.61 trillion. Delinquencies in auto loan payments also increased, partly attributed to soaring prices for new and used cars after the pandemic.

As Americans grapple with mounting debt burdens, the implications for individual financial well-being and the broader economy loom large. Understanding the dynamics driving these trends is crucial for policymakers, economists, and consumers as they navigate the complex landscape of personal finance in an evolving economic environment…………full-loaf-600x400-1-e1700879832480 Americans' credit card debt hits record $1.13 trillion | ABC News[read more]

Rising-Dough-e1700879911412 Americans' credit card debt hits record $1.13 trillion | ABC NewsHow might the escalating levels of credit card debt and delinquencies impact consumer spending patterns and the overall economy, particularly in the context of post-pandemic recovery efforts?

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2db21e9f92628358d1437984568b6248?s=64&d=mm&r=g Americans' credit card debt hits record $1.13 trillion | ABC News
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Marven Salas
20 days ago

Escalating levels of credit card debt and delinquencies impact on consumer spending patterns with lower since people will have less money to spend impacting the economy in a bad way since money won’t be moving throughout the economy .

934927aa9514d792b3802db514209d43?s=64&d=mm&r=g Americans' credit card debt hits record $1.13 trillion | ABC News
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Joel
19 days ago

Escalating credit card debt and delinquencies can constrain consumer spending, slow economic recovery, and increase financial instability post-pandemic.

360d9564dc4a912bc5b7d18acdca59bc?s=64&d=mm&r=g Americans' credit card debt hits record $1.13 trillion | ABC News
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Luis
19 days ago

the change in the economy with credit etc will flicker the way people go out and use there income lowering the rate of items being bought all around and making people more wary with there money

31ff78fff31d62f867386748ea3bd048?s=64&d=mm&r=g Americans' credit card debt hits record $1.13 trillion | ABC News
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Liliana
18 days ago

Escalating credit card debt and delinquencies can constrain consumer spending, slow economic recovery, and increase financial instability post-pandemic.

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stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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4 Comments
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Marven Salas
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Marven Salas
20 days ago

Escalating levels of credit card debt and delinquencies impact on consumer spending patterns with lower since people will have less money to spend impacting the economy in a bad way since money won’t be moving throughout the economy .

Joel
Guest
Joel
19 days ago

Escalating credit card debt and delinquencies can constrain consumer spending, slow economic recovery, and increase financial instability post-pandemic.

Luis
Guest
Luis
19 days ago

the change in the economy with credit etc will flicker the way people go out and use there income lowering the rate of items being bought all around and making people more wary with there money

Liliana
Guest
Liliana
18 days ago

Escalating credit card debt and delinquencies can constrain consumer spending, slow economic recovery, and increase financial instability post-pandemic.

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