Credit card debt skyrocketed during the last three months of 2022, as Americans shopped their way through the holidays and potentially into financial trouble.
Americans’ collective credit card balances totaled $986 billion at the end of last year, up $61 billion from the previous quarter, according to the Federal Reserve Bank of New York’s quarterly household debt report. Overall, U.S. household debt—including mortgage, auto, student loan, and credit card debt—grew to $16.90 trillion at the end of 2022.
