A new report from the New York Federal Reserve has revealed that Americans are struggling under a record amount of consumer debt, leading to more missed payments, higher balances and dwindling savings. And younger adults are being hit the hardest.
Americans total household debt burden reached a new high of $17.5 trillion in the final quarter of 2023, an increase of $212 billion from the previous quarter, according to the Feds Quarterly Report on Household Debt and Credit. All major loan types experienced upswings:
- During the final three months of 2023, credit card balances jumped by $50 billion to $1.13 trillion.
- Balances on mortgages, the most common type of consumer debt, surged $112 billion to a total of $12.25 trillion.
- Auto loan ba…
Read the full article at: https://www.forbes.com/advisor/debt-relief/late-credit-card-auto-payments-record-debt/