US credit card debt hits record $1.29 trillion as inflation strains households
SPY•US credit card debt rose $22 billion to a record $1.29 trillion in the third quarter, up 4.2% from a year earlier. Average balances reached $6,678 per consumer, while total household debt climbed to a record $19.1 trillion.
1. Debt reaches new high
US credit card debt rose $22 billion to a record $1.29 trillion in the third quarter, up 4.2% from a year earlier. Average credit card balances per consumer increased 2.4% to $6,678, and total household debt rose $334 billion to a record $19.1 trillion. New credit card offers carried average annual percentage rates of about 24%, while lower-income borrowers faced rising delinquencies.
