Posted 11/23/2023, 11:00:01 AM
US Household Debt Jumps $800 Billion in One Year, Driven by Credit Cards and Student Loans
- Total US household debt rose by $228 billion in Q3 2022 to over $17 trillion, an increase of nearly $800 billion from a year ago
- Credit card debt jumped by $48 billion to over $1 trillion, a nearly 5% increase for the quarter
- Car loans rose by $13 billion to $1.6 trillion and student loans increased by $30 billion to $1.6 trillion
- Debt delinquency rose about 3% overall, with the highest increases seen among Millennials and Gen Z
- Americans are facing challenges like high inflation, rising interest rates, and a cooling job market