Holiday spending sends US consumer debt soaring

Following record holiday shopping spending in 2023, U.S. consumers’ debt levels have reportedly hit an all-time high.

According to new data from the U.S. Federal Reserve, consumers borrowed more than $23.75 billion during November 2023.

This debt level marks more than double the $9 billion figure predicted by analysts for the month.

The Fed’s Consumer Credit Report went on to say that 2023’s holiday spending debt has sent U.S. consumers’ outstanding credit balances above $5 trillion for the first time in history.