Average consumer carries $6,218 in credit card debt, as more borrowers are falling behind on their payments
Publishing timestamp: 2024-05-16 09:32:51
Summary
Americans owe $1.12 trillion on their credit cards, with average balance per consumer at $6218. Rising prices and interest rates are putting pressure on households, leading to higher delinquency rates. Subprime borrowers are opening more credit accounts, but relying too much on credit cards can lead to financial instability. Paying down credit card debt should be a household priority to avoid high interest costs.
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Keywords: personal finance, investment strategy, credit card debt, generation z, business news, inflation, transunion, personal loans, interest rates, credit card debt refinancing, personal debt, millennials,