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The New York Federal Reserve reported in its latest quarterly Household Debt and Credit Report that total household debt climbed by $212 billion in the fourth quarter of 2023 to $17.5 trillion. Amid the rise in debt, delinquency rates and the transition into troubled status were both higher.

The New York Fed noted that ‘serious credit card delinquencies increased across all age groups, notably with younger borrowers surpassing pre-pandemic levels.

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