Credit card debt increases to another record high
Date
11/17/2024 3:10:31 AM
(MENAFN) Americans' credit card debt keeps increasing, reaching a new record at the close of the previous month, based on a fresh statement from the New York Federal Reserve.
Overall credit card debt surged to USD1.17 trillion throughout the third quarter, a surge of USD24 billion from the prior quarter, based on the statement. It is considered the highest level on record in Fed data dating back to 2003.
The statement revealed overall household debt also rose to a new high of USD17.94 trillion, along with balances on mortgages (USD12.59 trillion), auto debts (USD1.64 trillion) and student loan balances (USD1.61 trillion).
"Although household balances continue to rise in nominal terms, growth in income has outpaced debt," stated Donghoon Lee, Economic Research Consultant at the New York Fed, adding "Still, elevated delinquency rates reveal stress for many households, even amid some moderation in delinquency trends this quarter."
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