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

Wednesday, November 16, 2022 | Tag Cloud Tags: ,

(Worthy News) – Americans are running up credit card 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…) ]

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