Record Household Debt Surges to $17.29 Trillion, Millennials Struggle with Credit Card Balances
TL;DR
Total household debt in the US reached $17.29 trillion in Q3 2023, driven by increases in mortgage, credit card, and student loan balances. Mortgage balances rose by $126 billion, credit card balances increased by $48 billion, and student loan balances increased by $30 billion. Delinquency rates increased for most debt types, particularly credit cards, with 3% of outstanding debt in some stage of delinquency. The rise in credit card delinquency rates was most pronounced among borrowers between the ages of 30 and 39.
- Total Household Debt Reaches $17.29 Trillion in Q3 2023; Driven by Mortgage, Credit Card, and Student Loan Balances - FEDERAL RESERVE BANK of NEW YORK Federal Reserve Bank of New York
- Millennials are struggling with credit card debt, NY Fed study finds Yahoo Finance
- Household debt rose in the third quarter Marketplace
- Credit card balances spiked in the third quarter to a $1.08 trillion record. Here's how we got here CNBC
- American household debt increases by $78 billion: report The Hill
Want the full story? Read the original reporting
Read on Federal Reserve Bank of New York