Consumer Debt Climbs as Spending Rises in January 2024
- Retail and food service purchases rose to $700.3 billion in January 2024, adding to consumer debt
- Total U.S. household debt increased to $17.5 trillion in Q4 2023
- Higher consumer spending signals economic growth, though debt rates rose for some
- Mortgages remain the largest debt for most Americans, reaching over $12 trillion
- 38.4% of consumers would use a 10% income boost to pay down debt, the highest since 2016
