Posted 1/8/2024, 8:35:31 PM
US Consumer Credit Card Debt Soars by $23.8 Billion in November, Reaching Highest Annual Increase Since 1999
- US consumer borrowing jumped $23.8 billion in November, the most in a year, driven by a surge in credit card balances
- Revolving credit, which includes credit cards, rose $19.1 billion, the biggest increase since March 2022
- Higher interest rates and bigger credit card balances put consumers at risk of pulling back spending
- Credit card debt outstanding was over $150 billion more than last year, the biggest annual increase since 1999
- New York Fed data shows rising delinquency rates, especially for millennials and those with auto and student loans