US debt woes continue to mount, with credit-card bills reaching $1.2 trillion and increasing by nearly 7% in the past year. According to the Federal Reserve Bank of New York’s quarterly report on household debt, Americans added $93 billion in new debt during the fourth quarter of 2024, mostly from newly acquired credit-card debt. This growth is a concern as it may stall efforts to reduce credit-card delinquencies.
Source: https://www.marketwatch.com/story/americans-are-piling-on-debt-at-a-furious-pace-as-tariffs-loom-626cccb0