In 2023, US credit card debt reached a record $1.13 trillion, with a 1.2% increase in household debt balances.
In 2023, Americans reached a record $1.13 trillion in credit card debt, with a 1.2% increase in aggregate household debt balances. Despite this, economists suggest that a significant decline in consumer spending is unlikely, as workers continue to see robust wage gains, the stock market remains stable, and consumer spending during the holidays was healthy. After adjusting for inflation, credit card debt is nearly 20% below its 2008 peak.
February 25, 2024
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