{"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&#8217; credit card debt hits record $1.13 trillion"},"content":{"rendered":"<div>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/syndication.abcaudio.com\/files\/2024-02-06\/GETTYRF_101422_CashMoney%284%29.jpg\" alt=\"\"><figcaption> IronHeart\/Getty Images<\/figcaption><\/figure>\n<p>(NEW YORK) &#8212; Americans&#8217; 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<p>Credit card debt increased by $50 billion in the fourth quarter of 2023 alone, a 4.6% jump from the previous quarter.<\/p>\n<p>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&#8217;s latest &#8220;Quarterly Report on Household Debt and Credit.&#8221;<\/p>\n<p>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<p>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<p>&#8220;In the case of credit cards, it looks like things have reverted to a level that is worse than pre-pandemic,&#8221; New York Fed researchers told reporters on a call Tuesday.<\/p>\n<p>The researchers said higher credit card debt is &#8220;not a flashing red signal&#8221; but is indicative of strain on many households&#8217; budgets. Credit card balances first surpassed $1 trillion last August.<\/p>\n<p>Americans are also taking more debt when they&#8217;re buying cars. Auto loan balances rose by $12 billion in the fourth quarter to $1.61 trillion, while delinquencies also rose.<\/p>\n<p>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<p><em>ABC News&#8217; Taylor M. Dunn contributed to this report.<\/em><\/p>\n<p>\u00a0<\/p>\n<p>Copyright \u00a9 2024, ABC Audio. All rights reserved.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IronHeart\/Getty Images (NEW YORK) &#8212; Americans&#8217; 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<span class=\"more-link\"><a href=\"https:\/\/lascrucestoday.com\/newstalklc\/americans-credit-card-debt-hits-record-1-13-trillion\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[156,31,2],"tags":[273,271,276,274,270,123,275,133,124,272,102,103],"_links":{"self":[{"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/posts\/104193"}],"collection":[{"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/comments?post=104193"}],"version-history":[{"count":0,"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/posts\/104193\/revisions"}],"wp:attachment":[{"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/media?parent=104193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/categories?post=104193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lascrucestoday.com\/newstalklc\/wp-json\/wp\/v2\/tags?post=104193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}