Americans piled up debt at the end of 2024, with credit card balances reaching a record $1.21 trillion in December, according to the Federal Reserve Bank of New York’s latest report on household debt and credit.
Debt levels increased across several categories, with auto loan balances climbing by $11 billion to $1.66 trillion, while total household debt grew by $93 billion to reach $18.04 trillion, according to the report.
