U.S. Credit Card Debt Hits Record $1.17 Trillion as Delinquencies Rise

Americans face increasing financial pressure with rising debt and delinquencies, highlighting the need for strategic financial management.

The New York Federal Reserve reports U.S. credit card debt has reached a record $1.17 trillion, increasing by $24 billion in the third quarter of 2024.
Credit card delinquencies have slightly decreased to 8.8%, but overall household debt, including mortgages and auto loans, has risen by $147 billion.
A significant portion of retirees, 68%, are now carrying credit card debt, up from 40% in 2022, largely due to inflationary pressures.
Mastercard plans to eliminate manual card entry and passwords by 2030, focusing on biometrics and tokenization to improve online payment security and reduce fraud.
Sen. Dick Durbin is making a final push for the Credit Card Competition Act to increase competition in the credit card network market before losing his committee chair position.