Spending Reaches a Record High

Overall spending on financial products and services passed $400 billion for the first time, reaching an estimated $415 billion.

Credit Products Drive Increase in Spending

Increasing debt balances and higher borrowing costs drove the 17% year-over-year increase in spending on interest and fees.

Costs Still Fall Most Heavily on Vulnerable Groups

Financially Vulnerable households and households of color continue to pay an outsized portion of interest and fees on credit and transaction services.

Overdraft Fees Continue To Contract

Total revenue from overdraft/NSF fees decreased from an estimated $9.8 billion in 2022 to $7.9 billion in 2023 – a 19% year-over-year decline.