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 →