The debt of U.S. residents reached $986 billion, the highest in the history of all observations beginning in 1999. In this respect reported In the report of the Federal Reserve Bank of New York (part of the US Federal Reserve System).
Americans’ credit card debt has reached a record $986 billion since 1999. At the end of the fourth quarter of 2022, total household debt exceeded $16.9 trillion.
The publication noted that the debt of Americans increased sharply in the fourth quarter of 2022. They immediately jumped to $61 billion. The previous record was in the fourth quarter of 2019, when debt volume was at $927 billion.
At the end of December, Kamila Mavlutkhonova, a mortgage lender, founder of the ROYAL-real estate agency saidhow to fix your credit history and get favorable conditions from the bank in the future. He stated that you should do the obvious first – pay off all overdue payments and avoid them in the future.
Before that, financial expert Ksenia Avers said that having a credit card creates a false sense of stability, increases the tendency to buy without thinking, and encourages spending more than earning.