Quote from Ndubuisi Ekekwe on November 9, 2023, 7:11 PM

Credit card debts hit America’s young people.

Consumer spending may be fueling blockbuster economic growth, but Americans' credit card debt has hit another record, surging to $1.08 trillion in the third quarter, according to the latest report from the Federal Reserve Bank of New York. The $154 billion spike in balances is the largest annual increase since 1999. Delinquencies also rose to the highest level since 2011, particularly among millennials and consumers with student or auto loans. Debt accumulated amid rising prices has been compounded by higher interest rates, CNBC reports. (LinkedIn News)