Biden Effect: Credit Card Debts Hit Record High of $1.13 Trillion, Delinquencies Surge 50%
A new Federal Reserve Bank report has revealed credit card debts among U.S. households have reached a record high of $1.13 trillion.
Bankrate’s analyst Ted Rossman reported higher interest rates and ongoing inflation have led many Americans to struggle to pay down their credit card balances.
Rossman stated that more people are carrying debt for longer periods and shared “49% of credit cardholders carry debt from month to month, up from 39% in 2021.”
The new Fed report also revealed credit card delinquencies have surged 50% in the past year alone.
BREAKING: Credit card debt delinquency rates surged more than 50% in 2023 to their highest level since 2008, according to the NY Fed.
