Credit Card Debt Soars to Over $1 Trillion as Delinquencies Rise and Few Have Payoff Plans
• Credit card debt in the U.S. has risen to over $1 trillion and continues to mount, up 4.7% in Q3 2022 • Delinquencies on credit card payments are also increasing, with 2% of card users going from current to 30+ days late • Less than half of cardholders carrying a balance have a plan to pay it off • The average credit card interest rate is above 22%, making balances expensive to carry • At 22% interest, it would take over 9 years to pay off a $2,000 balance by making minimum payments, accruing over $2,100 in interest