<p>Americans are sinking deeper into financial struggles with a whopping $1.1 trillion in credit card debt, and a record number also cannot afford their rent.</p>
<p>Credit card debt jumped by $50 billion in just the last quarter of the year, 4.6% more than the previous quarter, according to data released Tuesday by the Federal Reserve Bank of New York.</p>
<p>Credit card debt first hit a trillion dollars in August.</p>
<p>Missed credit card payments are also rising among all age groups, especially people in their 30s, the data shows.</p>
<p>&#8220;In the case of credit cards, it looks like things have reverted to a level that is worse than pre-pandemic,&#8221; New York Federal Reserve researchers <a href="https://abcnews.go.com/US/americans-credit-card-debt-hits-record-113-trillion/story?id=106990807" target="_blank" rel="noopener">told</a> reporters on a call Tuesday.</p>
<p>Inflation and spiking rents are driving credit card debt.</p>
<p>The total household debt also jumped $212 billion up to $17.5 trillion in the last quarter of the year.</p>
<p>Another factor of debt is rising car prices — used cars and new cars are much more expensive than before the pandemic.</p>
<p>Car loans rose by $12 billion in the last quarter of the year, hitting $1.61 trillion. Delinquencies on those loans also increased.</p>
<p>Meanwhile, more Americans than ever are spending a significant portion of their income on rent.</p>
<p>A record 22.4 million renters, about half the country&#8217;s renters, were spending more than 30% of their income on rent and utilities in 2022, according to a <a href="https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_Americas_Rental_Housing_2024.pdf" target="_blank" rel="noopener">report</a> released earlier this month by Harvard’s Joint Center for Housing Studies.</p>
<p>The rental market is now cooling, but rent prices are still much higher than pre-pandemic, and wage growth has not kept up.</p>
<p>Median weekly wages grew only 1.7% between 2019 and 2023, government figures <a href="https://home.treasury.gov/news/featured-stories/the-purchasing-power-of-american-households#ftn3" target="_blank" rel="noopener">show</a>.</p>
<p>People earning between $45,000 and just under $75,000 a year saw the most significant increase in newly “cost-burdened” renters, according to the report.</p>
<p>“So you can certainly imagine the kinds of tradeoffs that have to happen,” Whitney Airgood-Obrycki, a senior research associate at the Harvard center, <a href="https://abcnews.go.com/Business/wireStory/record-number-americans-afford-rent-lawmakers-scrambling-107013779#:~:text=The%20latest%20data%20from%20the,income%20on%20rent%20in%202022" target="_blank" rel="noopener">told</a> ABC News.</p>
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<p>“Cost-burden renters are spending less on things like food and health care and retirement. So, there are significant implications for the long-term well-being of these households,” Airgood-Obrycki said.</p>
<p>At the same time, homelessness is also on the rise.</p>
<p>About 653,000 people reported being homeless in January of last year, the Harvard report found.</p>
<p>That’s up about 12% from the same time the previous year in 2022, the largest single-year increase ever recorded, the report says. About 71,000 more people were homeless last year than the year before.</p>
<p>Even more striking, last year’s number was about 48% higher than the homeless population in 2015.</p>

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Americans Owe Over $1.1 Trillion In Credit Card Debt, Record Number Can’t Afford Rent