Americans have $1.13 trillion in credit card debt

Vambram · Feb 12, 2024

Americans have $1.13 trillion in credit card debt. Here are some expert tips to help pay yours off

Cardholders are carrying more credit card debt than ever before and paying record high interest rates. Here are the best ways to jump-start debt repayment.

www.cnbc.com

Credit cards are an Achilles’ heel for many people.
Collectively, Americans now owe $1.13 trillion on their cards, and the average balance per consumer is up to $6,360, both historic highs.
Not only are more cardholders carrying debt from month to month but more are increasingly falling behind on payments, recent reports show.

Credit card debt hits a 'staggering' $1.13 trillion. Here's why so many Americans are under pressure

Strong consumer spending boosted credit card balances to a new record high in the fourth quarter, according to the Federal Reserve Bank of New York.

www.cnbc.com

Americans lean more on credit cards as expenses stay high: 46% of cardholders now carry debt from month to month

More Americans carry credit card debt from month to month as living expenses stay high, according to a new report by Bankrate.

www.cnbc.com

rambot · Feb 12, 2024

Companies should be paying the workers they have more money.

But they're not and they don't.

Fantine · Feb 12, 2024

Good to see something other than Dave Ramsey. As the article said, the debt snowball is the most costly of the three.

We have never had serious debt problems, but I always did my homework on financial issues, and based my decisions on cost-effectiveness, not Dave Ramsey

Laodicean60 · Feb 12, 2024

It shows that some Americans are struggling though inflation is going down there are still elevated prices of food. I know my property taxes and insurance have risen maybe this has a small effect. What aggravates me the most about credit cards is how fast they raise the interest rates while savings accounts offer 1% at big banks.

Fantine said:
As the article said, the debt snowball is the most costly of the three.

I kind of like being debt-free. I don't care what the big banks say or anyone else. Anytime you have to pay some percentage to a bank or a credit card that is lost income.

rambot · Feb 12, 2024

Vambram said:
Americans have $1.13 trillion in credit card debt. Here are some expert tips to help pay yours off

Cardholders are carrying more credit card debt than ever before and paying record high interest rates. Here are the best ways to jump-start debt repayment.

www.cnbc.com

Credit cards are an Achilles’ heel for many people.
Collectively, Americans now owe $1.13 trillion on their cards, and the average balance per consumer is up to $6,360, both historic highs.
Not only are more cardholders carrying debt from month to month but more are increasingly falling behind on payments, recent reports show.

Credit card debt hits a 'staggering' $1.13 trillion. Here's why so many Americans are under pressure

Strong consumer spending boosted credit card balances to a new record high in the fourth quarter, according to the Federal Reserve Bank of New York.

www.cnbc.com

Americans lean more on credit cards as expenses stay high: 46% of cardholders now carry debt from month to month

More Americans carry credit card debt from month to month as living expenses stay high, according to a new report by Bankrate.

www.cnbc.com

Since covid there has been a significant redistribution of wealth from the lower to upper classes.

Richard T · Feb 12, 2024

The 900 billion debt in 2019 was higher in real terms if you take out inflation. Inflation helps debtors unless their incomes do not go up. To often incomes lag, or the distribution of the increase goes to the top not to the bottom as someone else already pointed out. The same principle applies in business. Company xyz saw sales increase by 3%. That sounds good but if inflation was 7% then they are falling behind.

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Americans have $1.13 trillion in credit card debt

Vambram

Born-again Christian; Constitutional conservative