[HIGHLIGHTS] Credit card debt hits record high as late payments also skyrocket

Credit card debt hits record high as late payments also skyrocket. Americans now owe an all-time high of $1.08 trillion on their cards, according to the Federal Reserve Bank of New York.

The average balance per consumer reached $6,360, also a record. The consumer price index — a key indicator of inflation — has gradually fallen from a pandemic-era high of 9.1% in June 2022 to 3.4% in December 2023, the New York Fed reported.