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Rising Credit Card Balances Drive US Household Debt to Record $17 Trillion

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U.S. household debt balances hit a record of $17 trillion during the first quarter of 2023, up 0.9% from the fourth quarter of last year. See potential biases and similarities in reports from cnnbusiness, dcexaminer and cnbc:

U.S. household debt balances hit a record of $17 trillion during the first quarter of 2023, up 0.9% from the fourth quarter of last year,Increases in debt were seen across multiple categories, from mortgages to auto loans and student loans. Credit card debt stood at $986 billion, mostly unchanged from Q4 2022, but credit card balances are up almost 20% from a year ago,

TransUnion. The number of credit card accounts also rose 1.5% from the fourth quarter to the first quarter of this year, and has increased 6.7% over the past year to roughly 573 million.2023's first quarter was the first time credit card debt didn’t decrease during the January-March period since tracking began in 2003, and consumer debt has risen by $2.9 trillion since the end of 2019.

 

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Americans' debt surpasses $17 trillion for the first time | CNN BusinessAmericans' debt levels continue to climb to new heights at a time when economic conditions are becoming increasingly less stable.
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