Credit Crisis

The Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit shows that debt in the U.S. has increased to $17.80T in Q2 2024, with credit card debt hitting a record $1.14T.

That’s $27B more that last year, a 5.8% increase.

Additionally, auto loan balances have also grown by $10B, reaching $1.63T.

The report also notes that delinquency transition rates for credit cards, auto loans, and mortgages have ticked-up slightly with approximately 9.1% of credit card balances and 8.0% of auto loan balances transitioned into delinquency over the past year.