U.S. credit card balances reached $1.28 trillion by the end of the fourth quarter, with debt increasing by $44 billion in three months, according to data released Tuesday by the New York Fed.
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The increase reflects increased reliance on credit cards as household budgets remain under pressure. The balance increased by 5.5% compared to the previous year. The numbers are part of the Fed’s quarterly Household Debt Report, which tracks credit cards along with mortgages, auto loans and student loans.
The numbers show credit card debt is at an all-time high for U.S. consumers. The quarterly increase reflects increased reliance on credit cards as households face continued pressure.
Year-over-year data shows balances increased 5.5% compared to the same period in 2023, according to a New York Fed report.
As part of its ongoing economic monitoring efforts, the Federal Reserve Bank of New York releases quarterly reports on household debt and credit. This data tracks various forms of consumer debt, including mortgages, auto loans, student loans, and credit card balances.
Credit card debt is one component of total household debt in the United States, which includes multiple categories of consumer borrowing tracked by federal banking authorities.
