Morning Report: Americans racked up record amounts of credit card debt

U.S. credit card debt increased by record $180 billion last year, according to WalletHub. The Fed’s next rate hike is expected to add $3.4 billion in interest payments over the next year. The average American household ended the year with $9,990 in credit card debt.

GM offers buyouts to a majority of U.S. salaried workers. It comes after the automaker said last week it would terminate about 500 salaried positions globally.

Markets closed lower as bank stocks take a beating. SVB Financial Group, a bank that lends primarily to tech companies, told investors it had to sell $1.75 billion in shares at a loss just to cover rapidly declining customer deposits.

Makeup store Ulta had a strong holiday season. Despite inflation, people found a way to squeeze in cosmetics into  their budgets for themselves or to give as gifts.

About 41 million vinyl albums sold last year, compared with 33 million CDs. The figures contributed to another banner year for the music industry. Sales of recorded music rose by 6% to a record $15.9 billion last year. The Recording Industry Association of America says this marks the seventh straight year of growth. Vinyl’s resurgence has been fueled by indie-rock fans convinced of LP’s superior sound quality and by young people attracted to the nostalgia of playing records.