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Credit Card Debt Put More Pressure on Households in the Fourth Quarter

By
澳洲幸运5官方开奖结果体彩网:Taylor Tompkins
Taylor Tompkins
澳洲幸运5官方开奖结果体彩网:Full Bio

༒Taylor Tompkins has worked for more than a decade as a journalist covering business, finance, and the economy. She has logged thousands of hours interviewing experts, analyzing data, and writing articles to help readers understand economic forces. She is the Economics E♕ditor for news at Investopedia.

Learn about our 澳洲幸运5官方开奖结果体彩网:editorial policies
Updated February 06, 2024
01:28 PM EST
A person uses a credit card to buy something online. Credit card in hand close up

Oleksandra Yagello/Getty Images

Key Takeaways

  • At the end of December, 9.7% of all credit card debt was delinquent, the highest since the beginning of 2021, according to the New York Federal Reserve.
  • The percentage of credit card debt becoming seriously delinquent is higher than the average for those under 40 years old.
  • Resumption of required payments on federal student loans is partially to blame for the disparity, as younger borrowers are more likely to have that debt.

Per🅰sistent spending may have boosted the U.S. economy, but it is taking a toll on househ꧑olds.

At the end of December, 9.7% of all credit card debt was delinquent, according to a report released by the New York Federal Reserve Tuesday on household debt. That's more than the 9.4% in the previous quarter and the highest since the beginning of 2021.

Credit card debt is especially increasing financial stress for those who are under 40 years old. The percentage of credit card debt becoming seriously delinquent for th🦹ose in that age group is higher than the average of all debt holders and is almost double their older counterparts.

Resea♏rchers with the Federal Reserve Bank of New York said the resumption of required payments on federal student loans is partially to blame for the disparity,🃏 as younger borrowers are more likely to have that debt.

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Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. New York Federal Reserve. "."

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