Total household debt in the US has hit a record-high of $17.06 trillion

Total household debt in the US has hit a record-high of $17.06 trillion.

The average credit card debt in the US is $5,733 per person, according to TransUnion.

US credit card debt has now passed $1 trillion.

Meanwhile, Gen X has the highest average credit card debt of any generation group, estimated to be $8,266, per Bloomberg.

Gen Z had an average credit card debt of $2,781 in Q4 of 2022, marking a 5.90% jump from the three months through May, the biggest increase compared to all other generations.

Per Bloomberg:

In the third quarter of 2022, US household debt climbed at the fastest annual pace since 2008 in the third quarter, with credit-card balances surging.

Read more: https://unusualwhales.com/news/us-household-debt-climbed-at-the-fastest-annual-pace-since-2008-in-the-third-quarter