US credit card debt reaches nearly $1 trillion for first time since 1999

The debts of US residents reached $986 billion, which was the highest figure on record, Report informs, citing the Federal Reserve Bank of New York (part of the US Fed)

Total household debt at the end of the fourth quarter of 2022 exceeded $16.9 trillion.

The publication says that the US debts rose sharply in the fourth quarter of 2022. They immediately jumped to $61 billion. The previous record was in the fourth quarter of 2019, when the amount of debt was at the level of $927 billion.