U.S. citizens have accumulated a record-breaking $1 trillion in credit card debt. The Federal Reserve’s interest rate hikes through 2023 have caused average interest rates for credit cards to spike to more than 22%. Rates on retail credit cards are even higher, nearing 29% on average. Despite rising costs and higher borrowingRead More →

U.S. credit card debt

U.S. citizens now owe $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. U.S. Household Debt Rises to $17.29 Trillion Led by Mortgage, Credit Card, and Student Loan Balances Total household debt rose by 1.3% to reach $17.29 trillion in the thirdRead More →

Credit cards

Credit card losses in the U.S. are rising at the fastest pace since the Great Financial Crisis of 2008.  Goldman Sachs reportedly predicts that credit card losses will continue to climb through the end of 2024 or early 2025 for most issuers. This is unusual because the losses are accelerating outsideRead More →