February 12, 2020
Credit-card debt rose to a record $930 billion in Q4 2019, according to information released by the Federal Reserve Bank of New York. The figure is above the previous peak, which was hit before the 2008 financial crisis. The increase is due to the continued expansion of consumer credit in recent years.
The report also indicated that younger cardholders are running into credit-card trouble. The serious-delinquency rate for borrowers aged 18-29 years old increased to 9.4%, the highest level seen since Q4 2010.
The overall aggregate household debt balances increased by $193 billion, and stands at $14.15 trillion. The metric was $1.5 trillion higher than the previous peak of $12.68 trillion during Q3 2008. The report is based on data from a national sample of individual and household-level records drawn from anonymous data from Equifax.
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