Credit card debt hits 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%.
A bill would cap credit card rates at 10%, something Trump promised on the campaign trail. Will Trump follow through? Will ...
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 ...
A new bipartisan bill introduced by a pair of senators would cap credit card interest rates in an effort to help consumers and fulfill one of President Donald Trump's campaign promises.
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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