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Economy

“Credit card debt hits a ‘staggering’ $1.13 trillion…”

“Americans now owe a collective $1.13 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York.

Credit card balances increased by $50 billion, or roughly 5%, in the fourth quarter of 2023, the New York Fed found. Credit card delinquency rates also jumped — particularly among younger millennials, or borrowers between the ages of 30 and 39, who are burdened by high levels of student loan debt…”

https://www.cnbc.com/2024/02/06/credit-card-balances-jump-to-new-1point13-trillion-record-at-end-of-2023.html

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