Credit Card Delinquencies Surged in 2023: New York Fed

Federal Reserve Chair Jerome Powell said that interest-sensitive spending, including mortgages and durable goods, will be expensive for a while.

A man shows off some of his credit cards as he pays for items at Lorenzo's Italian Market in Miami, Fla., on May 20, 2009. Joe Raedle/Getty Images

Credit card delinquencies increased almost 60 percent in 2023 as total household debt and credit developments reached $17.5 trillion, data from the Federal Reserve Bank of New York show.

Of the $1.129 trillion credit card debt reported at the end of 2023, 6.36 percent has fallen into “serious delinquency,” which is defined as 90 days or more past due.