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US credit card balances see largest yearly leap on record


The resilient consumer has kept the US economic engine running, but it’s coming at a big cost: Americans are piling up record credit card balances, and more and more are falling behind on those payments.

During the third quarter, credit card balances hit a fresh high of $1.08 trillion, rising $48 billion from the prior quarter and leaping by a record $148 billion from the year before, according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit released Tuesday.

The year-over-year increase is the largest since the New York Fed started tracking that data in 1999.

Household debt increased 1.3% to $17.29 trillion in the third quarter.

However, a growing number of households are having difficulty…

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