Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
Americans added $184 billion in total debt in the first three months of 2024, bringing the entire amount of U.S. consumer debt to $17.69 trillion, according to new data from the Federal Reserve Bank of New York’s Center for Microeconomic Data.
For the 12-month period ending in March, U.S. consumer debt increased by $640 billion, with mortgages accounting for $398 billion of the rise. Americans held $129 billion more in credit card debt than a year earlier.Debt relief ripoff: Woman hires relief firm, ends up deeper in debt John Matarese 4:33 AM, May 15, 2024 The rising household debt has also caused more Americans to become delinquent.
According to the new data, 1.54% of all balances have transitioned into delinquency by being at least 90 days behind on payments. At the end of March 2023, that figure was 1.08%. The data shows that 6.86% of credit card balances were delinquent at the end of March, which was up from 4.57% of accounts a year earlier. The data indicated that about a third of credit card accounts that have maxed out have gone delinquent in the last year.
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