All eyes may be on the stock market, which is seeing volatility it hasn't experienced in two years. But Americans' kitchen table finances are also in a precarious place, with credit card balances reaching a new high.
The news comes from the New York Federal Reserve's Report on Household Debt and Credit for the second quarter of 2024, which finds that credit card balances rose 2.4% to a record-high $1.14 trillion—a 48% increase since the first quarter of 2021. Delinquency rates for credit card debt and auto loans stabilized in the second quarter, but have also been increasing.
