Credit Card Debt Soars to Over $1 Trillion as Nearly Half of Cardholders Carry Balances
- U.S. credit card debt topped $1 trillion in 2022, up from $680 billion a decade ago
- 39% of credit card holders carried debt month-to-month in 2021, jumping to 47% in 2023
- Average credit card balance is over $6,000, the highest in over a decade
- Experts say inflation is a major factor behind increased credit card debt
- Options to alleviate debt include balance transfer cards, negotiating interest rates, and credit counseling