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

Thursday, February 16, 2023 | Tag Cloud Tags: ,

(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…) ]

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