Per CNBC

Over a third of Americans reportedly had more credit card debt than savings. To be specific, 36% of them reportedly had less money saved than their debts, per a new report.

The data comes from the New York Fed's Quarterly Report on Household Debt and Credit report, which saw a 15% increase over the past year, with a 7% increase from the previous quarter alone.

Bankrate noted that the numbers show a record 12-year high as the same study in 2022 found the percentage at just 22%, with the 2021 percentage at just 27%. It was reported that from December 2021 to December 2022, the New York Fed saw a $130 billion increase in balances.

The report showed that most people that were behind on their credit card payments blamed high-interest rates and inflation as the reason for their high debts. Now, consumers are relying on their credit cards and debt to be able to cover everyday expenses as they increase.

While relying on credit card debt to pay off the high expenses, it was noted that expensive credit card debt has made it even harder for borrowers to be able to afford to pay off their balances in full.

In February, the total number of credit cards in the United States reached an all-time high of 518.4 million cards. This came as US credit card debt hit a record $930.6 billion.

It was also recently reported that Gen X had the highest average credit card debt from any generation group. This was an estimated $8,266, with Gen Z only having an average credit card debt of $2,781.

Gen Z's average credit card debt increased by 5.90% in a span of just three months to $2,781 in the fourth quarter of 2022. Baby Boomers followed with the next largest average credit card debt at $7,464.

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CNBC

Quarterly Report on Household Debt and Credit