US Consumer Debt Hits All-Time High of $5 Trillion as Credit Card Balances Surge
• Consumer debt topped $5 trillion for the first time in November 2022, reaching an all-time high • Credit card debt jumped $19 billion in November, helping drive the overall record debt level • Debt delinquencies are at their highest level since 2012, sparking worries about consumers' ability to pay • Interest rates on credit cards now top 21% APR, making monthly balances more expensive to carry • Further increases in revolving credit could cause interest expenses to reach 3% of income, a level last seen before recent recessions