According to data released Tuesday by the Federal Reserve Bank of New York, Americans’ credit card balances surged to a new record high of $1.13 trillion.
In the fourth quarter of 2023 alone, credit card debt saw a notable increase of $50 billion, marking a 4.6% jump from the previous quarter.
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The latest “Quarterly Report on Household Debt and Credit” from the New York Fed revealed that total household debt climbed by $212 billion to reach $17.5 trillion in the same period.
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