U.S. Credit Card Debt Hits $1.26 Trillion, Near Record High
Credit card debt rises to $1.26T, nearing all-time record
New data from the Federal Reserve Bank of New York shows credit card debt rose by $21 billion in Q2 to $1.26 trillion, just shy of the all-time record. Strong consumer spending and higher prices for essentials like groceries and gas are driving the increase. Delinquency rates have also climbed, with 12.8% of balances over 90 days past due, though researchers attribute this to older debts rather than new charges. Overall household debt stands at $18.8 trillion, with auto loans hitting a record $1.71 trillion.
There are a lot of households who live paycheck to paycheck, and it just needs one thing to happen to them that could lead to a delinquency.
- happytoexplain
Does a balance that has not accrued interest count as debt for this measurement? I.e. people who always pay the statement.
- panarky
Now do total debt: government + corporate + household
Then add unfunded liabilities like pension benefits and healthcare promises for every federal, state and local government, school district and corporation.
A trillion of credit card debt is something like one half of one percent of total indebtedness.
- andrewinardeer
What happens to the credit card debt that is owed by people who are hunted down by ICE and kicked out of the country? Is it free money for them?
- 2OEH8eoCRo0
The American consumer is an enigma
- Wowfunhappy
...I'm not saying this is good, but doesn't the existence of inflation mean we'll always keep breaking this record?