Americans are about to have a much harder time paying their bills

The financial burden on Americans has reached unprecedented levels, and the outlook might become even more challenging as further bills become due.

The latest data released by the Federal Reserve Bank of New York indicates that Americans are carrying a historic $1.03 trillion in credit card debt as of the second quarter of 2023. This represents a $45 billion increase from the previous quarter and signifies a continuation of the trend of rising balances following an initial drop at the onset of the pandemic.

This surge in credit card debt has contributed to pushing the total household debt to an all-time high of $17.06 trillion.

Collectively, Americans are grappling with substantial debt across various aspects of daily life, and there seems to be no immediate relief on the horizon. A growing number of individuals are allowing credit card balances to accumulate without payment for extended periods, and this concern is amplified by the impending restart of student loan payments in the coming fall. This presents a rather concerning scenario for average consumers who are still grappling with the impact of gradually receding inflation.

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.