Credit card debt in the US has hit an all-time high of $1.08 Trillion (The average interest rate on credit cards is now over 20%, also an all-time high) [Balances have increased $154 Billion year over year, the largest increase since 1999]; U.S. Household debt reaches $17.29 Trillion

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Another record credit card debt
  • Collectively, Americans now owe $1.08 trillion on their credit cards, according to a report from the Federal Reserve Bank of New York.
  • Steadily, persistently higher prices have caused consumers to spend down their savings and increasingly turn to credit cards to make ends meet.
  • At the same time, credit cards are one of the most expensive ways to borrow money.

Total household debt rose by 1.3% to reach $17.29 trillion in the third quarter of 2023 led by Mortgage, Credit Card, and Student Loan Balances.

Household Debt and Credit Developments in 2023Q3:

  • Aggregate household debt balances increased by $228 billion in the third quarter of 2023, a 1.3% rise from 2023Q2.
  • Balances now stand at $17.29 trillion and have increased by $3.1 trillion since the end of 2019, just before the pandemic recession.
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Balances:

  • Mortgage balances shown on consumer credit reports increased by $126 billion during the third quarter of 2023 and stood at $12.14 trillion at the end of September.
  • Balances on home equity lines of credit (HELOC) increased by $9 billion, and now stand at $349 billion in aggregate. Credit card balances, which are now at $1.08 trillion outstanding, increased by $48 billion (4.7%).
  • Auto loan balances increased by $13 billion, continuing the upward trajectory that has been in place since 2011, and now stand at $1.6 trillion.
  • Other balances, which include retail cards and other consumer loans, were effectively flat, with a $2 billion increase. Student loans balances grew by $30 billion and now stand at $1.6 trillion.
  • In total, non-housing balances grew by $93 billion.
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Inflation Alert! U.S. Revolving credit (credit cards) grew From August to September by $3.1 billion and increased at an annual rate of 8.6%.

h/t  TonyLiberty