Reported 10 days ago
According to the New York Federal Reserve, Americans are increasingly falling behind on credit cards and loans, with household debt reaching a record high of $17.9 trillion. Despite a slight increase in mortgage delinquencies, overall debt stress is evident as the share of late credit card payments rises to its highest level since 2012. However, income growth has slightly outpaced debt growth, providing some relief to households. Young and lower-income borrowers are particularly affected by these trends.
Source: YAHOO