Posted 1/4/2024, 2:24:06 PM
U.S. Consumer Debt Hits New High but Inflation Softens Blow
- Consumer debt at all-time high of $17.29 trillion, including record $1.2 trillion in credit card debt
- When adjusted for inflation, current credit card debt is 15% lower than 2008 peak during Great Recession
- Inflation contributing to high nominal debt numbers but also softening impact of debt burden over time
- To get out of debt, need to set and stick to a budget, but it won't happen overnight
- Consider 0% interest credit card or pay off highest interest rate card first to save money