Credit card debt has reached a record high in the US

Total household debt is now well over $17 trillion as mortgages and car loans increased in 2023.

Credit card debt has reached a new record high of $1.13 trillion, according to data from the Federal Reserve Bank of New York. 

Driving the news: Credit card debt increased by $50 billion over the fourth quarter of 2023. 


  • That’s a 4.6 percent increase from the previous quarter. 
  • Household debt also reached $17.5 trillion in the fourth quarter, rising by $212 billion. 
  • Mortgage balances increased by $112 billion over the period to reach $12.25 trillion. 
  • Auto loan balances increased by $12 billion to total $1.61 trillion. 
  • Average delinquency rates also increased in the fourth quarter, with 3.1 percent of outstanding debt in some stage of delinquency. 

What they’re saying: “Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels,” said Wilbert van der Klaauw, economic research advisor at the New York Fed. “This signals increased financial stress, especially among younger and lower-income households.”

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