• Fri. Mar 1st, 2024

Record Credit Card Debt and Financial Stress Plague Americans Amidst Pandemic’s Aftermath

ByEditor

Feb 11, 2024
Historic credit card debt looms over Americans

Americans are experiencing financial stress due to the pandemic’s aftermath, as they struggle with high credit card debt. Inflation and rising interest rates have only added to this problem, with many people unable to save money before the crisis hit. Experts estimate that Americans accumulated over $1.05 trillion on their credit cards in the third quarter of 2023, with an average interest rate of around 21.5 percent, which is the highest since the Federal Reserve began monitoring credit card rates in 1994. Moody’s recent report revealed that current credit card delinquencies far exceed 2019 levels, indicating that many Americans are struggling to pay their bills.

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