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U.S. Credit card debt hits a 'staggering' $1.13 trillion. Here's why so many Americans are under pressure
CNBC via MSN ^ | 02/07/24 | Jessica Dickler

Posted on 02/07/2024 2:57:24 PM PST by SeekAndFind

* Collectively, Americans owe $1.13 trillion on their credit cards, according to a new report from the Federal Reserve Bank of New York.

* Higher prices have largely caused consumers to spend down their savings and lean on credit cards to make ends meet.

* Now, young adults, who are also burdened by high levels of student loan debt, are increasingly falling behind on the payments, the New York Fed found.

Americans now owe a collective $1.13 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. This is an all-time high.

Credit card balances increased by $50 billion, or roughly 5%, in the fourth quarter of 2023, the New York Fed found. Credit card delinquency rates also jumped — particularly among younger millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt.

"This signals increased financial stress, especially among younger and lower-income households," said Wilbert van der Klaauw, economic research advisor at the New York Fed.

(Excerpt) Read more at msn.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: consumer; credit; creditcard; debt; donatefreerepublic
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1 posted on 02/07/2024 2:57:24 PM PST by SeekAndFind
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To: SeekAndFind

Credit card interest rates have also increased dramatically in the last 2-3 years. If you pay at least your “statement balance” every month, it doesn’t matter. If you don’t ... you’re getting hosed.


2 posted on 02/07/2024 2:59:09 PM PST by NorthMountain (... the right of the people to keep and bear arms shall not be infringed)
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To: SeekAndFind

Since Biden is doing the college tuition debt forgiveness thing ( ignoring the Supreme Court), is he going to start another program to “forgive” credit card debt?


3 posted on 02/07/2024 2:59:16 PM PST by SeekAndFind
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To: SeekAndFind

FAKE NEWS!!! I’ve been told many times by the demos and their bobble head how great our economy is, and Americans are to blame for just not giving credit where it’s due!

As for me, I’m waiting for July 4th so I can save another 17 cents.


4 posted on 02/07/2024 2:59:21 PM PST by TonyinLA (I don't have sufficient information to formulate a reasoned opinion said no lefty ever.)
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To: NorthMountain

This begs the question…

Since Biden is doing the college tuition debt forgiveness thing ( ignoring the Supreme Court), is he going to start another program to “forgive” credit card debt?


5 posted on 02/07/2024 3:00:01 PM PST by SeekAndFind
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To: SeekAndFind

big indicator of a strong economy


6 posted on 02/07/2024 3:00:13 PM PST by Third Person
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To: SeekAndFind
Soon there will be calls for credit card debt relief.

Cancel the debt and have the government reimburse the banks and credit card companies, because they're too big to fail.

Then the suddenly debt free consumers can charge up their new credit cards, and further drive up inflation.

7 posted on 02/07/2024 3:01:27 PM PST by Angelino97
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To: SeekAndFind

I pay my credit cards off in full every month. But if financial collapse seems near I intend to max those suckers out buying gold & silver.


8 posted on 02/07/2024 3:01:47 PM PST by jimwatx
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To: SeekAndFind

Probably ... and once again, the frugal and financially responsible citizens will get bent over a barrel and buggered.

Financially.


9 posted on 02/07/2024 3:02:55 PM PST by NorthMountain (... the right of the people to keep and bear arms shall not be infringed)
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To: SeekAndFind

Live for today. Not many tommorows left.


10 posted on 02/07/2024 3:06:06 PM PST by Old Yeller (On judgement day, you’ll wish you were biblically correctly, not politically correct.)
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To: NorthMountain

Well that’s their problem. As for me, I’m going all in on opening new lines of credit...


11 posted on 02/07/2024 3:09:36 PM PST by It Aint Easy
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To: NorthMountain

Usury was a crime at some point.
The juice on CC debt is higher than a 70’s street corner Italian.


12 posted on 02/07/2024 3:09:50 PM PST by EEGator
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To: SeekAndFind

it’s ok, banks have found a way around that: they’re offering “time payments” on Debit Card purchases now.


13 posted on 02/07/2024 3:12:57 PM PST by xoxox
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To: jimwatx

interesting.


14 posted on 02/07/2024 3:13:36 PM PST by xoxox
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To: jimwatx
But if financial collapse seems near I intend to max those suckers out buying gold & silver.

You won't have time. Financial collapses always happen real quick because everyone runs to the bank at the same time.

15 posted on 02/07/2024 3:17:40 PM PST by Right_Wing_Madman
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To: SeekAndFind
The banks don't care, they are only on the hook for 10% of what they loan out (fractional reserve banking).

If I did it I would be in jail, but if a Bankster does it (and remembers to skim off some for the DNC), they get to have a private jet and multiple homes without worring about their back taxes.

16 posted on 02/07/2024 3:19:20 PM PST by SecondAmendment (The history of the present Federal Government is a history of repeated injuries and usurpations ...)
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To: jimwatx

“...I pay my credit cards off in full every month. But if financial collapse seems near I intend to max those suckers out buying gold & silver. “

___________________________________

Why wait? Today is just as good a day as tomorrow.


17 posted on 02/07/2024 3:19:38 PM PST by fatboy (')
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To: SeekAndFind

But..but…December retails sales hit a record! Remember? The economy is crushing it!


18 posted on 02/07/2024 3:20:03 PM PST by Right Brother (Pray for God's intervention to stop UMCRevMom's invasion of Free Republic)
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To: SeekAndFind

Mines been the same for the last 15 years, Amex, paid off monthly in full.


19 posted on 02/07/2024 3:26:28 PM PST by maddog55 (The only thing systemic in America is the left's hatred of it!)
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To: jimwatx

In a financial collapse gold and silver will be worthless. You should be buying 9mm parabeĺum and .357 magnum They’ll be worth something.


20 posted on 02/07/2024 3:26:36 PM PST by Fai Mao (Starve the Beast and steal its food.)
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