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International Business Times UK

Business

Niloy Chakrabarti

Rising Debt, Delinquencies, and a Hot Wholesale Inflation Print Signal More Rate Hikes

Inflation US Federal Reserve US Fed United States

Total household debt increased by $184 billion in Q1 2024. (Credit: geralt/Pixabay.com)

According to the latest Quarterly Report on Household Debt and Credit released yesterday by the Federal Reserve Bank of New York, total US household debt increased by $184 billion or 1.1% quarter-over-quarter in Q1 2024 to reach $17.69 trillion.

While mortgage balances also jumped by $190 billion to $12.44 trillion, credit card balances declined in Q1 by $14 billion to reach $1.12 trillion, typical post-holidays. However, 9% of credit card balances became delinquent.

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