Record $1.29 trillion US card debt meets a possible December Fed hike

Americans added $22 billion in credit card debt in the third quarter, pushing total balances to a record $1.29 trillion, according to New York Fed data. Traders are now betting on a Fed rate hike in December, which would make those balances more expensive to carry. Rising consumer debt stress and tighter monetary policy are a risk-off backdrop for crypto, since higher rates and strained household budgets tend to pull liquidity away from speculative assets.