American Household Debt Soars to New Highs as Prices Outpace Incomes

Household debt reached new record high of $17.5 trillion in Q4 2023, largely driven by credit card and mortgage debt
Americans turning to debt to cover expenses as rising prices and high interest rates strain consumers
Credit card debt jumped by $50B last quarter to $1.13 trillion overall; average credit card interest rates now over 21%
Total serious delinquencies across debt types rose to 1.42% in Q4 2023, up from 1.03% a year earlier
U.S. government debt also at record levels, nearing $34.2 trillion; interest costs projected to exceed defense/Medicare spending