The stock market may be hitting record highs, but not all is well for the U.S. consumer. In fact, more Americans are increasingly financially stressed and taking on debt that they cannot pay off, according to a new report from the Philadelphia Federal Reserve.
The share of credit card holders making only minimum payments on their bills rose to 10.75% in the third quarter for 2024, the highest it's been in 12 years, the Fed's data shows. That percentage has been on the rise since 2021, amid increasing inflation and higher interest rates.
