Americans owe over $1 trillion collectively in credit card debt, the Federal Reserve Bank of New York reported Tuesday. The average credit card balance per consumer exceeds $6,000, up 8.5% from the previous year. More borrowers are falling behind on credit card payments, with less than 9% of balances transitioning to delinquency. Serious delinquencies past 90 days reached their highest level since 2010. Younger adults have taken on more debt to cover the rising rent costs, student loans, and auto loans. Credit cards charging an average of 20% interest are typically the most expensive debt.
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00:00 It's Benzinga and here's what's on the block.
00:02 Americans owe over $1 trillion collectively in credit card debt, the Federal Reserve
00:07 Bank of New York reported on Tuesday.
00:10 The average credit card balance per consumer exceeds $6,000, up 8.5% from the previous
00:15 year.
00:16 More borrowers are falling behind on credit card payments, with less than 9% of balances
00:20 transitioning to delinquency.
00:22 Serious delinquencies past 90 days reached their highest level since 2010.
00:26 Younger adults have taken on more debt to cover the rising costs of rent, student loans,
00:31 and auto loans.
00:32 Credit cards charging an average of 20% interest are typically the most expensive debt.
00:36 For all things money, visit Benzinga.com.
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