This doesn’t end well for anyone.
The new report found total credit card balances hit $1.13 trillion by the end of December, the highest credit card balance since at least 2003 and a 4.6 percent increase from the third quarter of 2023.
Source: Credit card debt on the rise
While delinquencies have been climbing across age groups, the flow into serious delinquency was particularly acute among younger millennials between the ages of 30 and 39 and lower-income households, the New York Fed noted.
Source: Millennials are struggling under mounting credit card debt