U.S. Credit Card Debt Reaches Record $1.14 Trillion
Americans are now holding more household debt than ever before. According to a report from the New York Fed, U.S. credit card debt is soaring and touch ed a high of $1.14 trillion this quarter of 2024. Apart from household and lifestyle debt, credit card transactions also include spending on student loans, mortgages, and home equity revolving debt. Around 4.9% of customers also have a third-party collection account on their credit. Also Read: US Recession Worries Fade: Its Business as Usual in the Stock Market U.S. Credit Card Debt Could Rise Further As Christmas Season Nears Source: Travel + Leisure The average credit card spending has increased by $109 billion during the second quarter of 2024. That’s an increase of 0.6% in debt from Q1 of 2024. “Aggregate household debt balances increased by $109 billion in the second quarter of 2024, a 0.6% rise from 2024Q1. Balances now stand at $17.80 trillion and have increased by $3.7 trillion since the end of 2019, just before the pandem...