Average credit card balances top $6,000, a 10-year high, as delinquencies rise
Publishing timestamp: 2023-11-09 11:12:59
Summary
The average credit card balance in the US has reached its highest point in 10 years, with consumers owing a total of $1.08 trillion in credit card debt. Rising inflation and increased expenses have made it difficult for consumers to afford their everyday expenses, leading to more people carrying debt and falling behind on payments. Credit card delinquency rates have also risen. The cost of debt service on credit cards has significantly increased, with interest rates reaching an all-time high of over 20%. Despite the high interest rates, many consumers continue to rely on credit cards due to their accessibility. The article suggests options for paying down credit card debt, such as balance transfer cards with no interest for a certain period or refinancing into lower-interest personal loans.
Sentiment: NEGATIVE
Tickers: TRU,
Keywords: personal finance, personal loans, interest rates, inflation, business news, investment strategy, transunion, personal debt, credit card debt, credit card debt refinancing,
Source: https://www.cnbc.com/2023/11/09/average-credit-card-balances-top-6000-a-10-year-high.html