Credit card debt hits a new record high
Credit card debt hit a record $1.21 trillion — here's why 'no one should be surprised,' expert says
Collectively, Americans now owe a record $1.21 trillion on their credit cards, according to a new quarterly report on household debt from the Federal Reserve Bank of New York. Credit card balances jumped by $45 billion in the fourth quarter of 2024, driven in part by holiday spending, and are now 7.3% higher than a year ago.
Commissions do not affect our editors' opinions or evaluations. Forbes Advisor’s weekly credit card rates report indicates that the current average credit card interest rate is 28.72%.
Amid surging credit card interest rates and rising delinquencies, a bill with bipartisan support would cap rates at 10%, about half the current average, for five years. The legislation would ...
Bernie Sanders, I-Vt., to introduce an arbitrary 10% cap on credit card interest rates, something that President Donald Trump did float during the election. However, while Trump is doing a ...
Currently, the average credit card interest rate exceeds 20 ... owner of Invessent, explained the impact of high interest rates using the “rule of 72.” He said, “Take the interest rate ...
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