
Credit card in the U.S. debt just soared to a new record. Here's what it means.
CBSN
U.S. households are carrying a record amount of credit card debt, according to a new Federal Reserve Bank of New York report released Tuesday. The bank said the data indicates financial distress is on the rise, particularly among younger and lower-income Americans.
Total household debt grew by $212 billion, rising to $17.5 trillion in the fourth quarter of 2023, the Fed's quarterly report on household debt and credit shows.
Credit card balances rose by $50 billion to hit a record $1.13 trillion. Inflation and higher interest rates are contributing to rising credit card debt, resulting in more Americans struggling to pay down their credit card balances, according to Bankrate's senior industry analyst Ted Rossman.

Federal regulators repeatedly granted appeals to remove Camp Mystic's buildings from their 100-year flood map, loosening oversight as the camp operated and expanded in a dangerous flood plain in the years before rushing waters swept away children and counselors, a review by The Associated Press found.

Washington — Emil Bove, a top Justice Department official who previously served as President Trump's criminal defense attorney, declined to rule out the possibility of the president running for a third term and did not denounce the Jan. 6 attack on the Capitol in a questionnaire submitted to a Senate panel considering his nomination for a lifetime appointment as a federal judge.