Consumer Credit Card Debt Hit $1.27 Trillion in November 2023
January 17, 2024—
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.
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