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Americans are facing growing challenges with their debt obligations, according to the Federal Reserve Bank of New York’s latest report.
Total household debt increased 0.5% to $18.04 trillion in the fourth quarter of 2023, with credit card balances surpassing $1.2 trillion – a 7.3% year-over-year increase.
While debt growth can reflect normal economic factors like population growth, e-commerce expansion, and inflation, the report indicates Americans are struggling more than usual to manage their obligations, especially in auto loans and credit card debt.
