• 11 months ago
Overall credit card debt levels reached a new record high of $1.08 trillion, according to the Federal Reserve. More Americans are carrying debt from month to month, with 49% of cardholders doing so compared to 46% last year. Credit card interest rates are at an all-time high average of 20.74% making debt harder to pay off. Minimum payments on average balances of $6,088 would take over 17 years to pay off, costing over $9,000 in interest. Rising rates and inflation are driving more Americans into long-term credit card debt cycles that are difficult to escape.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Overall credit card debt levels reached a new record high of 1.8 trillion dollars according
00:08 to the Federal Reserve. More Americans are carrying debt from month to month with 49%
00:12 of cardholders doing so compared to 46% last year. Credit card interest rates are at an all-time high
00:18 average of 20.74% making debt harder to pay off. Minimum payments on average balances of $6,000
00:26 would take over 17 years to pay off costing over $9,000 in interest. Rising rates and inflation
00:32 are driving more Americans into long-term credit card debt cycles that are difficult to escape.
00:37 For all things money visit Benzinga.com

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