(FOX BUSINESS) – Americans are drowning in credit card debt as uncomfortably high inflation makes the cost of everyday necessities more expensive.
In the last three months of 2022, credit card balances increased by $61 billion to $986 billion, according to the New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit published Thursday. That smashed the previous high of $927 billion, recorded before the COVID-19 pandemic began.
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Total U.S. household debt, meanwhile, climbed to a record $16.9 trillion during the fourth quarter, an increase of 2.4% from the prior three-month period.
