Americans` credit card debt reaches new record high
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Americans' household debt including credit cards, mortgages, auto loans and student loans is at a new all-time high of $18.04 trillion, according to a report released by the Federal Reserve Bank of New York.
Overall debt grew by $93 billion in the last three months of 2024 -- and about half of that increase was new credit card debt, according to the report.
Americans' total credit card balances now stand at a record-high $1.21 trillion, the report said.On a call with reporters Thursday, New York Federal Reserve researchers said credit card debt typically goes up at the end of the year when consumers do their holiday shopping. Researchers said they expect balances will decline at the start of this year as shoppers start to pay down that debt.High interest rates are another factor behind elevated credit card debt levels, the researchers said. They added that income levels have been going up as debt is increasing, a positive sign for the health of the economy.
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