Household Debt Climbs as More Americans Fall Behind on Payments
• Credit card and auto loan delinquencies are rising as household debt balances increase • Total household debt jumped to $17.29 trillion in Q3 2022, up 1.3% from previous quarter • Credit card balances grew 4.7% to $1.08 trillion; auto loans rose 0.8% to $1.6 trillion • Delinquency rates rose across most loan categories, suggesting financial strain on consumers • With high interest rates, relying on debt now means paying much more over time to pay it off