US Credit Card Debt Hits All-Time High – What Does That Mean For You?
Credit card debt in the United States hit a record high at the end of 2022, topping out at almost $1 trillion for the first time ever. During the last quarter of the year, delinquencies were growing at a faster and faster rate. The Federal Reserve Bank of New York released data that showed overall balances growing by $61 billion over the last three months of 2022 – with a grand total of $986 billion for Q4. This was the largest increase over a single quarter since the bank started tracking changes in 1999. (more…)