Average consumer carries $5,947 in credit card debt — a 10-year high
Publishing timestamp: 2023-08-10 08:58:16
Summary
The article reports that total credit card debt in the US has reached a record $1 trillion, with the average balance per consumer at its highest in 10 years. More cardholders are carrying debt from month to month, and rising balances may present challenges, especially with higher interest rates. However, there are opportunities for cardholders to transfer balances to 0% interest cards or refinance into lower-interest personal loans. The article also mentions that card issuers are still willing to lower interest rates for customers.
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Keywords: interest rates, inflation, credit card debt, business news, transunion, personal loans, credit card debt refinancing, personal finance, investment strategy,