US credit card debt surges to more than $1 trillion for first time ever
The credit card debt held by US shoppers surpassed more than $1 trillion for the first time ever as high inflation continues to drive up costs, according to a report published on Tuesday by the New York Federal Reserve.
“One trillion dollars in credit card debt is staggering,” Matt Schulz, chief credit analyst at LendingTree,“Unfortunately, it is likely only going to keep growing from here. What’s driving it is inflation, higher interest rates and just generally how expensive life is in 2023.” The average interest rate on credit card balances are at a near-record 20.53%, according to Bankrate.
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