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

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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