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U.S. credit card debt stands at a record of nearly $1 trillion
Posted on 5/15/23 at 11:24 am
Posted on 5/15/23 at 11:24 am
quote:
Collectively, Americans owe nearly $1 trillion on credit cards.
Total credit card debt stood at $986 billion at the start of 2023, unchanged from the record hit at the end of 2022, according to a new report on household debt from the Federal Reserve Bank of New York.
Typically, balances fall in the beginning of the year as borrowers start paying down debt after the peak holiday shopping season. “This is the first time in 20 years we are not seeing a decrease,” according to New York Fed researchers, citing inflation and a higher cost of living.
Credit card balances are up almost 20% from a year ago, according to a separate quarterly credit industry insights report from TransUnion.
The average balance rose to $5,733 over that same period, TransUnion found.
LINK
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Posted on 5/15/23 at 11:25 am to RLDSC FAN
Generic politician will run on eliminating student loans and cc debt
Edited for political neutrality on the OT
Edited for political neutrality on the OT
This post was edited on 5/15/23 at 11:26 am
Posted on 5/15/23 at 11:26 am to RLDSC FAN
I heard Biden is promising full credit card debt forgiveness if you vote for him.
Posted on 5/15/23 at 11:26 am to RLDSC FAN
Consumers behaving just like our govt.
Posted on 5/15/23 at 11:28 am to RLDSC FAN
Gotta get those points baw
Posted on 5/15/23 at 11:29 am to RLDSC FAN
Average balance of $5733 at over 20% APR. amazing
Posted on 5/15/23 at 11:29 am to RLDSC FAN
What about savings?
Posted on 5/15/23 at 11:29 am to RLDSC FAN
Credit Card debt will be forgiven right?
Forget the bank (Chase or Capital One) but my buddy in Canada had his CC debt forgiven by them a few years back. I remember calling the 800 number and being told “that only applied to card holders in Canada.” Gotta love it.
Forget the bank (Chase or Capital One) but my buddy in Canada had his CC debt forgiven by them a few years back. I remember calling the 800 number and being told “that only applied to card holders in Canada.” Gotta love it.
Posted on 5/15/23 at 11:30 am to RLDSC FAN
I read something a few months ago that said 60% of Americans don't have $1,000 in their savings. I found that hard to believe but this makes that a little clearer.
Posted on 5/15/23 at 11:30 am to RLDSC FAN
My wife is responsible for half of that
Posted on 5/15/23 at 11:31 am to RLDSC FAN
First, understand that the average credit card interest rate is ~20%. With that knowledge at the forefront of your mind, look at credit card debt:
This is not the path to success.
This is not the path to success.
Posted on 5/15/23 at 11:33 am to RLDSC FAN
Biden should forgive all credit card debt.
Posted on 5/15/23 at 11:34 am to RLDSC FAN
Now do the politicians debt!
Posted on 5/15/23 at 11:41 am to Bard
What the hell happened in 2010 that caused that jump?
Any idea if this is carrying balance, or does it also factor in those that run up a couple grand on credit cards every month, then pay them off on the statement due date?
quote:
The average balance rose to $5,733 over that same period, TransUnion found.
Any idea if this is carrying balance, or does it also factor in those that run up a couple grand on credit cards every month, then pay them off on the statement due date?
Posted on 5/15/23 at 11:43 am to Weekend Warrior79
quote:
What the hell happened in 2010 that caused that jump?
Probably hangover from 2008 collapse
Posted on 5/15/23 at 11:43 am to RLDSC FAN
I like the outdated credit card photo in the article
Posted on 5/15/23 at 11:44 am to danilo
quote:
My wife is responsible for half of that
Posted on 5/15/23 at 11:46 am to Weekend Warrior79
quote:
Any idea if this is carrying balance, or does it also factor in those that run up a couple grand on credit cards every month, then pay them off on the statement due date?
Was curious and found another article:
quote:
Overall, the national average card debt among cardholders with unpaid balances in December 2022 was $7,279. That includes debt from bank cards and retail credit cards.
Posted on 5/15/23 at 11:48 am to RLDSC FAN
Haven’t had one in over a decade. Just say no
Posted on 5/15/23 at 11:49 am to RLDSC FAN
The article also states that the average car note is 700 dollars. That is insane.
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