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“I think economic inequality is continuing to grow, and that is something that has really accelerated in recent years,” Ted Rossman, senior industry analyst at Bankrate, told CNN. The latest data also showed that the rate of households becoming delinquent or entering serious delinquency (behind by 90 days or more) on their credit cards was the highest since the end of 2011. However, a growing number of households are having difficulty wrangling that debt, which is increasingly more costly amid an environment of painfully persistent inflation and high interest rates. Household debt increased 1.3% to $17.29 trillion in the third quarter.

The year-over-year increase is the largest since the New York Fed started tracking that data in 1999. The resilient consumer has kept the US economic engine running, but it’s coming at a big cost: Americans are piling up record credit card balances, and more and more are falling behind on those payments.ĭuring the third quarter, credit card balances hit a fresh high of $1.08 trillion, rising $48 billion from the prior quarter and leaping by a record $154 billion from the year before, according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit released Tuesday.

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