US credit card debt hit a record high as inflation leaves consumers financially stressed


credit cards worthy ministries(Worthy News) – Americans are relying on credit cards more than ever. But as prices remain stubbornly high, they’re also having trouble making payments on time.

In the last quarter of 2022, credit card balances increased by $61 billion to $986 billion, a record high according to the New York Federal Reserve Bank’s Quarterly Report on Household Debt released on Thursday. The previous high for credit card balances was set before the pandemic at $927 billion.

The latest data is a major reversal from two years ago when Americans were rapidly paying off credit card debt with stimulus money they received. And at the same time, they weren’t taking on more debt to pay for big-ticket expenses such as vacations because of the pandemic. [ Source: USA Today (Read More…) ]

12
people are currently praying.

đź’ˇ 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

Follow us on X
Join the Truth Social discussion

Latest Worthy News

Baltic States On High Alert After Drone Alert, Russian Threats
US Envoy Suggests Washington Could Expand Presence In Greenland
Trump Plans Talks With Taiwan’s President As China, Russia Condemn US Policy
Hungary’s New Prime Minister Moves To Bar Orbán From Returning To Power
Russia Threatens To Attack Baltic NATO States Over Alleged Ukraine Drone Launches
Israeli Christian Leader Pushes For Official Recognition And Representation
Israel’s Knesset Advances Dissolution Bill, Moving Nation Closer To Early Elections
Pressure Mounting On Cuban Regime As Raul Castro Indicted In U.S.
Revised Bipartisan Housing Bill Passes U.S. House, One Step Closer To Becoming Law
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.

Worthy Christian News