Record-breaking credit card debt plagues struggling millennials

A study by the Federal Reserve Bank of New York has found that credit card debt among millennials has surged, reaching a record high of $1.08 trillion in the third quarter. The study also revealed an increase in the number of people missing credit card payments, with the 90-day delinquency rate rising to 5.78%. Millennials and those with auto or student loans were particularly affected. The end of the federal student loan payment pause and high interest rates on credit cards have contributed to the financial struggles faced by borrowers. The study aims to further investigate the causes behind these trends.