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.
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Lastly, remember that if you pay your statement balance in full each month, you can enjoy credit card benefits without paying interest, no matter your card’s APR. Most credit cards ...
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A new bill in Congress would cap credit card interest rates at 10%. But the limits could harm consumers, experts warnBut for many consumers, they can also be a debt trap with no escape. Like Robin Hood in reverse, credit card companies take the interest payments from those who carry a balance and ...
Situation 1: You have a high interest credit card but always pay the balance off on time and in full If this is you, keep up the good work — and no, there's no pressing need to close your ...
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