American Credit Card Debt Soars to $1 Trillion as More Rely on Plastic for Essentials
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Many Americans rely on credit cards more than ever and owe an average of $5,875. About half use cards for essentials like rent and food.
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Credit card debt reached $1 trillion in Q2 2023, a new high. Many find themselves increasingly dependent on cards.
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35% say they won’t pay off card debt this year. Another 35% will likely max out a card.
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Interest rates remain high after Fed hikes. But some use personal loans at lower rates to pay down debt.
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Personal loans offer lump sums at lower rates to consolidate debt into fixed monthly payments.