U.S. Credit Card Debt Hits Record $1.13 Trillion Amid Rising Delinquencies

As credit card balances soar to unprecedented levels, delinquencies surge, highlighting the financial strain on American consumers.

Credit card debt in the U.S. reached a staggering $1.13 trillion, with average balances per cardholder at an all-time high of $6,360.
Delinquency rates have surged, with serious delinquencies reaching the highest level since 2009.
Inflation and higher interest rates are cited as primary reasons for the increase in credit card debt and delinquencies.
Millennials and Gen Z are particularly affected, with many struggling to manage the debt amid higher living costs.
Potential Federal Reserve interest rate cuts later in the year could offer some relief to those burdened by high credit card debt.