Americans' credit card debt hits record $1.13 trillion

credit card debt has reached a record high of $1.13 trillion, with an increase of $50 billion in the fourth quarter of 2023 alone. This represents a 4.6% jump from the previous quarter. The data, released by the Federal Reserve Bank of New York, also shows a rise in total household debt to $17.5 trillion in the same period. The increase in credit card debt is accompanied by a rise in late payments, especially among borrowers aged 30-39. Although researchers from the New York Fed don't consider this a "flashing red signal," it indicates financial strain on many households. Additionally, auto loan balances rose by $12 billion in the fourth quarter, attributed in part to higher prices for new and used cars following the pandemic.