US credit card debt reaches one trillion dollars
Total credit card debt in the US will exceed one trillion dollars this year. In the last three months of 2022, US credit card debt increased by $61 billion, the largest quarterly jump since 1999.
According to a new report, 36 percent of American adults have more credit card debt than savings. This is an increase from 21% in 2021 and is also an all-time record. At the same time, the average interest rate on credit card debt has reached a record high of 25%.
Americans ‘fight’ inflation with credit card debt
Since the pandemic, credit card debt has skyrocketed. Total US credit card debt has increased by almost 200 billion dollars in less than three years. The rate at which credit card debt is increasing is faster than before 2008. In addition, interest rates are also rising at their fastest pace in history.
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