Americans are sinking deeper into financial struggles with a whopping $1.1 trillion in credit card debt, and a record number also cannot afford their rent.
Credit card debt jumped by $50 billion in just the last quarter of the year, 4.6% more than the previous quarter, according to data released Tuesday by the Federal Reserve Bank of New York.
Credit card debt first hit a trillion dollars in August.
Missed credit card payments are also rising among all age groups, especially people in their 30s, the data shows.
“In the case of credit cards, it looks like things have reverted to a level that is worse than pre-pandemic,” New York Federal Reserve researchers told reporters on a call Tuesday.
Inflation and spiking rents are driving credit card debt.
The total household debt also jumped $212 billion up to $17.5 trillion in the last quarter of the year.
Another factor of debt is rising car…
