Americans' Record Credit Card Debt
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•Credit card debt hits record $1.14 trillion, New York Fed research shows
90% Informative
Americans owe a record $1.14 trillion on their credit cards, according to a new report from the Federal Reserve Bank of New York .
Credit card balances rose by $27 billion in the second quarter of 2024 , a 5.8% jump from a year ago .
Delinquent borrowers are likely renters, with shorter credit histories and lower credit limits, making them more likely to be financially vulnerable.
These borrowers "may have overextended during the pandemic," the New York Fed researchers said.
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