The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
I’m the Chief Economist at Financer Limited and just published the 2023 Consumer & Credit Card Debt Report, an original analysis of Q1 2023 New York Fed’s primary data sources that present 50+ financial statistics accompanied by 17 original interactive charts and tables.
Some of the key facts are:
- US household debt reached a total of 17.05 Trillion for the first time in history
- Transition to serious credit card delinquency increased by 50.3% for all age groups
- Household debt balance increased by 7.62%, year-over-year
- Per capita debt balance increased from $56,650 to $60,250
- 36.63 M loan accounts were added to the economy since 2022, a 4.94% increase
- The most indebted age group was 40-49-year-olds, with $4.39 Trillion in debt