How America racked up a $1 trillion credit card bill
Publishing timestamp: 2023-12-03 12:00:01
Summary
Americans have accumulated a record-breaking $1 trillion in credit card debt, with interest rates on credit cards spiking to over 22%. Despite rising costs, a record number of consumers shopped over the Thanksgiving holiday weekend. However, big box retailers have issued warnings about a slowdown in credit card repayments, highlighting potential risks to retail revenue this holiday season. The resilience of the American consumer will continue to be tested by rising costs and the return of student debt payments.
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Keywords: credit cards, u.s. economy, stock markets, economic events, breaking news: markets, markets, personal loans, business news, personal finance, macy's inc, nordstrom inc, credit card debt,
Source: https://www.cnbc.com/2023/12/03/how-america-racked-up-a-1-trillion-credit-card-bill.html