Credit card debt hit a record $1.21 trillion — here's why 'no one should be surprised,' expert says
Collectively, Americans now owe a record $1.21 trillion on their credit cards, according to a new quarterly report on household debt from the Federal Reserve Bank of New York. Credit card balances jumped by $45 billion in the fourth quarter of 2024, driven in part by holiday spending, and are now 7.3% higher than a year ago.
Newly confirmed HHS Secretary Robert F. Kennedy Jr. recently reported owing $610,000 to $1.2 million in credit card debt.
That old adage, ‘Retire without debt,’ may be going the way of the electric typewriter. Nearly every retirement-age American has debt.
A new NerdWallet survey finds that when it comes to money and relationships, some Americans wouldn’t date someone with credit card debt, and others have limits on how much debt is too much.
Americans’ collective credit-card bill stands at $1.2 trillion, a more than 7% increase from the same point one year earlier.
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