Credit Card Debt Hits New High in 2023, Most Struggle to Pay Off Balances

Credit card interest rates may fall slightly in 2024 but still remain high overall, with the average APR at 22.75% as of Nov 2023
Total credit card debt in the U.S. reached a record $1.08 trillion in 2023, up 4.7% from 2022
61% of Americans have credit card debt, owing an average of $5,875 each
23% of credit cardholders said it will take over 5 years to pay off their balances
Use of buy now, pay later plans is growing, with about half of adults having used them; these plans appeal to those with lower credit scores or who were recently denied other credit