Record inflation forces Americans to rely more on borrowing US credit card debt inched close to a trillion dollars in the fourth quarter of 2022, the New York Federal Reserve Bank said in its quarterly report on household debt, released on Thursday. According to the data, Americans’ credit card balances jumped by $61 billion to $986 billion in the last three months of the year, a record high in the entire history of its observation since 1999. Total household debt exceeded $16.9 trillion. Authorities attribute the growth to stubbornly high consumer prices, strong consumer spending and repeated key interest-rate hi
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