U.S. Credit Card Debt Reaches Record $1.21 Trillion in Late 2024

Rising delinquencies and high interest rates highlight growing financial strain for American households.

The Federal Reserve's latest report shows U.S. credit card debt hit a record $1.21 trillion in the fourth quarter of 2024, part of a broader $18.04 trillion in total household debt.
Serious delinquencies on credit card accounts rose to 7.2% in Q4 2024, the highest rate since 2011, though the growth in delinquencies has recently stabilized.
High interest rates, averaging 23%, make managing credit card debt increasingly difficult, especially as more Americans rely on credit for everyday expenses amid inflation.
Debt management solutions like consolidation loans, balance transfers, and credit counseling are being recommended to help consumers regain financial stability.
Experts warn that unresolved credit card debt could further strain household finances, emphasizing the need for proactive repayment strategies.