Americans' credit card and household debt reach all-time high

Published On Feb 18, 2025, 2:22 PM

Americans' household debt, including credit card balances, reached a new high of $18.04 trillion, with credit card debt alone at $1.21 trillion. While delinquency rates have slightly increased, the New York Fed notes that consumers are managing their debts relatively well. The rise in car prices and interest rates is particularly straining lower-income borrowers dealing with auto loans. Overall, the economy seems stable, but the increasing debt poses risks, especially if prices and interest rates continue to rise.