Consumer Credit Card Debt Hit $1.27 Trillion in November 2023

Paying with a credit card

WalletHub recently analyzed Federal Reserve data released in early January and found that credit card debt hit $1.27 trillion in November 2023, which is 6% higher than the previous year, after adjusting for inflation. WalletHub now projects that credit card debt rose by $101 billion in 2023.

In addition, WalletHub’s latest Credit Card Debt Survey found the following takeaways:

  • Debt Surge: 59% of Americans with credit card debt say they have more debt now than they did 12 months ago.
  • Inflation Worries: 54% of Americans expect inflation to affect their credit card debt in 2024.
  • Aiming for Debt Freedom: 84% of people with credit card debt say getting out of debt is one of their goals for 2024.
  • Pointing Fingers: More than 1 in 4 Americans blame the economy for their credit card debt.

For more information, check out the full Credit Card Debt Survey.

Cleanfax Staff

Cleanfax provides cleaning and restoration professionals with information designed to help them manage and grow their businesses.

Follow Cleanfax Staff

Related Posts

Share This Article

Join Our Newsletter

Expert Videos

Popular Content


CoreLogic: Spearheading Innovation and Technology in the Restoration Industry


Insurance Restoration Strategies Unlocked: How to Identify & Conquer Top Challenges in the Industry

AI sales

Is AI Going to Be the Death of the Salesperson?

Grow your social media

The Digital Marketing Demystified Series—Part 2: Grow Your Business with Social Media

Digital Marketing - Part 1

The Digital Marketing Demystified Series—Part 1: World Class Email Marketing


As a restoration contractor, does it concern you that some insurance companies are dropping coverage in certain states, such as California and Florida?

View Results

Loading ... Loading ...