A new Federal Reserve report shows that Americans are having a harder time with rising debt, especially credit card debt.
Recent Federal Reserve data reveals an alarming trend as American households struggle with mounting debt burdens, with total consumer debt reaching $18.04 trillion in late 2024. Most concerning is the sharp rise in serious delinquencies (payments missed by 90+ days) for both auto loans and credit cards, which have reached their highest levels in 14 years. Credit card balances have surpassed $1.2 trillion, while credit card utilization rates have climbed above 23.8% for the first time since 2013.
While overall household debt levels have increased across all major loan categories, experts note that many Americans are finding it increasingly difficult to maintain even minimum payments on their obligations. This financial strain is particularly evident among those facing unexpected circumstances such as job loss or medical emergencies, with more households reporting they’re having to choose between essential payments and necessary expenses. These trends suggest that many families may need to explore debt relief options to regain their financial footing.
If your credit card debt or other debt is causing financial issues for you, contact us today! Boleman Law Firm will help you!
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