Posted 1/8/2024, 5:01:06 AM
Credit Card Debt Soars: Nearly 60% Carry Balances as Rates Hit Record Highs
- 49% of credit card users carry a balance from month to month, up 10 percentage points since 2021
- 58% of those carrying balances (56 million people) have been in credit card debt for at least a year
- Americans owe over $1 trillion in credit card debt for the first time
- Average credit card interest rates hit a record high of 20.74% in 2023
- Top reasons for credit card debt are unexpected expenses and using cards for daily purchases