by Mish Shedlock, Mish Talk:
Credit card debt surged to a record high in the fourth quarter. Even more troubling is a steep climb in 90 day or longer delinquencies.
Please consider the New York Fed Household Credit Report for the Fourth Quarter 2023, released this week.
Consumer Credit Key Points
- Aggregate household debt balances increased by $212 billion in the fourth quarter of 2023, a 1.2% rise from 2023Q3. Balances now stand at $17.50 trillion and have increased by $3.4 trillion since the end of 2019, just before the pandemic recession.
