Credit Card Debt , in the US Hits Record , $1.13 Trillion.<br />According to the latest data from the Federal Reserve <br />Bank of New York, the credit debt balance of consumers <br />in the United States has hit a record high of $1.13 trillion.<br />ABC reports that in the fourth quarter of<br />2023 alone, credit card debt grew by <br />$50 billion, representing a 4.6% increase from Q3.<br />The latest credit card debt update comes <br />as total household debt rose by $212 billion <br />to reach a staggering $17.5 trillion in Q4. .<br />At the same time, the number of U.S. <br />consumers who have been late on making <br />their credit card payments is also increasing.<br />The New York Fed's latest 'Quarterly Report on <br />Household Debt and Credit' showed the number <br />of delinquencies increasing across all age groups.<br />The numbers suggest that borrowers <br />between the ages of 30 and 39 are <br />missing payments at an accelerated rate. .<br />In the case of credit cards, <br />it looks like things have <br />reverted to a level that is <br />worse than pre-pandemic, Researchers at the New York Fed, via ABC.<br />The rising debt includes auto loan balances, which <br />increased by $12 billion in Q4 to reach $1.61 trillion, <br />while the number of delinquent payments also rose. .<br />The rising debt includes auto loan balances, which <br />increased by $12 billion in Q4 to reach $1.61 trillion, <br />while the number of delinquent payments also rose. .<br />Researchers at the New York Fed attribute <br />some of the increasing auto debt to lingering high <br />prices on new and used cars since the pandemic. .<br />ABC reports that credit card balances <br />first surpassed $1 trillion in August of 2023
