Credit card debt hits record $1.14 trillion, New York Fed research shows
Collectively, Americans now owe a record $1.14 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.
Credit card balances rose by $27 billion in the second quarter of 2024, a 5.8% jump from a year ago.
Credit card delinquency rates were also higher — especially among younger adults, or borrowers between the ages of 18 to 29 and 30 to 39, who were likely harder hit by the Covid-19 pandemic, the New York Fed found.
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