The skyrocketing credit card balance has coincided with an increase in the interest rates paid on such debt, crunching household budgets as high inflation eats away at the savings that many amassed during the pandemic.
Overall, total household debt increased over the last three months of 2022, jumping 2.4% to nearly $17 trillion, the New York Fed found.
The record credit card debt sounds an alarm about the health of U.S. borrowers despite a booming job market that boasts the lowest unemployment rate in more than 50 years, Wilbert van der Klaauw, an economic research adviser at the New York Fed,"Although historically low unemployment has kept consumer's financial footing generally strong, stubbornly high prices and climbing interest rates may be testing some borrowers' ability to repay their debts," van der Klaauw said.
The average credit card user carried a balance of $5,805 over the last three months of 2022, research firmAn employee restocks meat at a grocery store, Jan. 17, 2023, in North Miami, Fla.
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