{"id":104193,"date":"2024-02-06T18:03:30","date_gmt":"2024-02-06T18:03:30","guid":{"rendered":"https:\/\/lascrucestoday.com\/newstalklc\/americans-credit-card-debt-hits-record-1-13-trillion\/"},"modified":"2024-02-06T18:03:30","modified_gmt":"2024-02-06T18:03:30","slug":"americans-credit-card-debt-hits-record-1-13-trillion","status":"publish","type":"post","link":"https:\/\/lascrucestoday.com\/newstalklc\/americans-credit-card-debt-hits-record-1-13-trillion\/","title":{"rendered":"Americans’ credit card debt hits record $1.13 trillion"},"content":{"rendered":"
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IronHeart\/Getty Images<\/figcaption><\/figure>\n

(NEW YORK) — 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.<\/p>\n

Credit card debt increased by $50 billion in the fourth quarter of 2023 alone, a 4.6% jump from the previous quarter.<\/p>\n

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.”<\/p>\n

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.<\/p>\n

Delinquencies \u2013 reflecting missed payments on credit card bills \u2013 increased across all age groups. Borrowers between the ages of 30-39 are missing their payments at especially fast rates.<\/p>\n

“In the case of credit cards, it looks like things have reverted to a level that is worse than pre-pandemic,” New York Fed researchers told reporters on a call Tuesday.<\/p>\n

The researchers said higher credit card debt is “not a flashing red signal” but is indicative of strain on many households’ budgets. Credit card balances first surpassed $1 trillion last August.<\/p>\n

Americans are also taking more debt when they’re buying cars. Auto loan balances rose by $12 billion in the fourth quarter to $1.61 trillion, while delinquencies also rose.<\/p>\n

New York Fed researchers attributed some of the rising auto debt to higher prices for new and used cars in the wake of the pandemic.<\/p>\n

ABC News’ Taylor M. Dunn contributed to this report.<\/em><\/p>\n

\u00a0<\/p>\n

Copyright \u00a9 2024, ABC Audio. All rights reserved.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

IronHeart\/Getty Images (NEW YORK) — 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. 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