US credit card debt reaches nearly $1 trillion
In the last 3 months of last year, Americans' credit card debt increased by more than $60 billion. The total debt now stands at a record $986 billion. According to the Federal Reserve Bank of New York, total household debt increased by 3 in the last 2022 months of 2,4 % to almost $17 trillion.
“While historically low unemployment has kept consumers' financial health generally strong, persistently high prices and rising interest rates may test the ability of some borrowers to repay their debts,” said Wilbert van der Klaauw, economic research adviser at the Federal Reserve Bank of New York.
Source: Telegram channel “ALL ABOUT THE USA”
