The total debt held by residents of the United States reached 986 billion dollars, marking the highest level recorded since 1999. This figure comes from a report issued by the Federal Reserve Bank of New York, part of the Federal Reserve System in the United States.
Americans’ credit card debt has climbed to a record 986 billion dollars since 1999. By the end of the fourth quarter in 2022, the overall debt of households surpassed 16.9 trillion dollars, reflecting a sustained growth in borrowing across consumer, student, and mortgage segments.
The publication highlighted a notable surge in U.S. debt during the fourth quarter of 2022, with the debt balance leaping to 61 billion dollars in that span. The all-time high prior to this period was reached in the fourth quarter of 2019, when the debt level stood at 927 billion dollars.
In related commentary, Kamila Mavlutkhonova, a mortgage lender and founder of a real estate agency, emphasized practical steps for improving credit history and securing favorable bank terms in the future. The recommendations center on the straightforward priority of settling all overdue payments and maintaining timely payments going forward.
Additionally, financial expert Ksenia Avers cautioned that carrying a credit card can create a misleading sense of stability, promote impulsive purchases, and encourage spending beyond one’s actual earnings.