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

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…) ]
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. 🙌
