Worthy Christian News > US News > Credit Card Debt Jumps to Two-Decade High as U.S. Economy Tumbles

Credit Card Debt Jumps to Two-Decade High as U.S. Economy Tumbles

Wednesday, November 16, 2022 | Tag Cloud Tags: debt, Economy | Learn about our FREE SYNDICATION Service | Sign up for our Worthy Briefs! | Printer Friendly

(Worthy News) – Americans are running up credit card debt at historic levels as they struggle with soaring inflation.

Credit card balances increased by 15 percent in the third quarter compared with last year, according to the Federal Reserve Bank of New York, marking the largest jump in more than 20 years.

“With prices more than 8 percent higher than they were a year ago, it is perhaps unsurprising that balances are increasing,” Fed economists said in the report. “Notably, credit card balances have grown at nearly double that rate since last year.” [ Source: Washington Free Beacon (Read More…) ]

Receive daily Christian news, devotionals, and prayer alerts from Worthy News.

people are currently praying.

Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Discuss this article in our forums

Latest Worthy News

U.S. Credit Card Debt Surges to $1.26 Trillion as Americans Lean Heavier on Borrowing

Israel Unveils Next Generation of Low-Cost Autonomous Attack Drones

U.S. Pushes Back on Israel’s Plans for Long-Term Military Presence in Southern Lebanon

Rare Solar Eclipse Ushers In Elul as Heavens Mark Biblical Season of Repentance

State Department Launches Crackdown on ‘Birth Tourism,’ Revokes More Than 600 Visas

Trump Secretly Switched Planes Amid Iranian Assassination Threat

Swiss Government Rejects Push To Enshrine Strict Neutrality In Constitution

Indonesian, Pakistanis Among Six Killed In Houthi Ship Attack

Russian Strikes Kill 12 In Ukraine As Kyiv Reports North Korean Missiles

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.