US consumers have accumulated almost $1 trillion in credit card debt, according to the Federal Reserve Bank of New York’s report. The skyrocketing credit card balance has become a real threat to the national economy. The report states that the total amount of US credit card debt has increased to $986 billion and continues to grow, approaching $1 trillion. Notably, the debt has soared to an all-time high since the statistics were introduced in 1999, the New York Fed found. In the fourth quarter of 2019, total household debt hit the level of $927 billion, jumping by $61 billion. At the same time, US households fall behind on loan payments more often than they did before the pandemic. At the beginning of last year, there were late payments on 4% of loans, while the figure did not exceed 4% during the pandemic. Total household debt reached $16.9 trillion at the end of the fourth quarter of 2022.
