Card balances increased by about $50 billion, or 4.6%, in the fourth quarter of 2023.
Credit card delinquencies, the amount of time in which cardholders fall behind in making payments, also increased. The percentage of card delinquencies 90 days or more rose to 6.4% from 4% in the fourth quarter of 2022.
Card debt contributed to the rise in total household debt, the amount owed by all members of a household, which rose to $17.5 trillion, an increase of $212 billion in the same period.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.