Household debt hit record $16.9 trillion last quarter, as consumers loaded up their credit cards | CNN Business

Total US household debt hit a record $16.9 trillion during the fourth quarter, an increase of $394 billion, or 2.4%, from the prior three-month period, according to the Fed’s latest Quarterly Report on Household Debt and Credit. While the lion’s share of the debt is attributable to mortgages, the report showed that not only are credit card balances swelling at record levels, delinquencies are on the rise as well. Credit card balances increased nearly 6.

Younger borrowers in particular, those in their 20s and 30s, are struggling with credit card and auto loan payments, New York Fed researchers said. While total delinquency levels remain below what was seen pre-pandemic — 2.5% of outstanding debt was in some stage of delinquency as of December versus 4.7% at the end of 2019 — the fact that delinquency rates are escalating in spite of a strong labor market environment is concerning, New York Fed researchers said.

It’s because prices have gone up for everything and wages have not gone up.

Live within your means.

Since CNN refuses to tell you about America's disaster and the Biden Admin is MIA.

And you wonder why there are two sides to America. The red pilled conservatives awake and alive and not afraid to hear truth and then the blue pill America refusing to hear the truth.

Ah.. Americans taking a cue from their government. Maybe we send the bills to D.C.

There’s a choice to use credit cards. People choose to put themselves in debt. Make better choices.

If you voted democrat you own this.

Holiday spending...is this news? do you folks actually pay people to write this

Biden's boom

Thanks to Biden's failed policies

Inflation discourages savings and encourages debt. Why are we surprised so many people are in debt when the US monetary policy literally incentivizes debt?

Now do the US government 🙄

thanks to Democrats

Banks are loving it and laughing in *inflation*

This is exactly how our government runs our balance sheet. Attitude reflect leadership.

I use my credit card to pay off my other credit card... problem solved.

So much winning….

“Booming” economy

The Biden economy isn't good.

Everything's going great!!

The Mind-Blowing Universe: How Many Galaxies Are Out There?'

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank of America plans job cuts in its investment bank - Bloomberg NewsBank of America is planning to cut jobs in its investment bank, Bloomberg News reported on Thursday, which would add the lender to a growing list of Wall Street firms to that have reduced their workforce in recent months. Reuters quoting Bloomberg ? What the..... BoA will spend $25 BILLION on a stock buy back but not to keep employees
Source: Reuters - 🏆 2. / 97 Read more »