Americans racked up more debt at the beginning of 2024 – and a growing number of households fell behind on payments for several types of loans, according to a New York Federal Reserve report published Tuesday. In the first three months of 2024, total household debt surged to a fresh record of $17.69 trillion, an increase of $184 billion, or 1.1% from the previous quarter. The increase mostly stemmed from a jump in mortgage balances, which rose $190 billion from the previous quarter to $12.
The rise in debt is particularly concerning because interest rates are astronomically high right now. The average credit card annual percentage rate, or APR, is hovering around 20.66%, near a record high, according to a Bankrate database that dates back to 1985. The previous record was 19% in July 1991. If people are carrying debt to compensate for steeper prices, they could end up paying more for items in the long run.
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